According to Odaily, the Global Digital Assets and Cryptocurrency Association (Global DCA) has collaborated with the Global Blockchain Business Council, The Digital Chamber, and The Proof of Stake Alliance to establish a Steering Committee. The purpose of this committee is to propose disclosure guidelines for digital asset tokens provided in the United States. This move is seen as a significant step towards ensuring transparency and accountability in the digital assets and cryptocurrency sector. The collaboration between these major organizations is expected to bring about a unified approach to the regulation and management of digital assets. The Steering Committee will be responsible for setting the standards and guidelines for disclosure of digital asset tokens in the U.S. This is expected to provide a clear framework for businesses and individuals dealing with digital assets and cryptocurrencies, thereby promoting a more secure and transparent environment in the industry. The establishment of the Steering Committee is a clear indication of the growing importance of digital assets and cryptocurrencies in the global economy. It also underscores the need for clear guidelines and regulations to ensure the safe and responsible use of these digital assets. The collaboration between the Global DCA, the Global Blockchain Business Council, The Digital Chamber, and The Proof of Stake Alliance is expected to play a crucial role in shaping the future of the digital assets and cryptocurrency industry.

According to CryptoPotato, the ongoing lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC) began in 2020 and is currently in its trial phase. The outcome of the case, which aims to determine if XRP should be classified as a security, remains uncertain. This decision could significantly affect XRP's legal status and investor sentiment. The lawsuit has reportedly created a sense of uncertainty and negatively impacted investor confidence. If the lawsuit had not occurred, it is suggested that the market sentiment might have been more positive. Furthermore, in the absence of legal issues, Ripple might have been able to establish more partnerships with enterprises and financial institutions, leading to increased adoption. The lawsuit also led to many exchanges delisting XRP or restricting its trading. Although many have since reinstated it, this move likely affected XRP's accessibility and trading volumes. Without the lawsuit, XRP might have had more regulatory clarity, making it a more attractive investment for institutions wary of legal uncertainties. While it is speculative, experts generally believe that without the lawsuit, XRP's price would likely be significantly higher, reflecting its potential and adoption in the market without the legal overhang. However, any estimation remains speculative and would require a comparison of historical data from periods before the lawsuit with other major cryptocurrencies' performance.

According to PANews, two men have been sentenced by the U.S. Department of Justice for manipulating the price of Hydrogen Technology's cryptocurrency, HYDRO, and defrauding investors. Shane Hampton, a 32-year-old resident of Philadelphia, was sentenced to two years and 11 months in prison, while Michael Kane, a 39-year-old resident of Miami Beach, was sentenced to three years and nine months in prison. The Department of Justice stated that this is the first time in a federal criminal trial that cryptocurrency has been recognized as a security, and that manipulating the price of cryptocurrency constitutes securities fraud. Kane and Hampton manipulated the price of HYDRO from October 2018 to April 2019 through the South African company Moonwalkers Trading Limited using trading robots. They conducted approximately $7 million in 'wash trades' and over $300 million in 'fake trades'. They made a profit of about $2 million through manipulation. Kane pleaded guilty in November 2023, and Hampton was convicted by a federal jury in February 2024. In April of last year, it was reported that the U.S. Department of Justice had filed a lawsuit against five people related to the Hydrogen project, accusing them of participating in the manipulation of token prices.

According to Foresight News, Delio's CEO, Zheng Xianghao, has once again denied all allegations against him in the second criminal trial of the first-instance judgment. He stated that 'we have never promised to keep the principal.' The next trial for Zheng Xianghao is scheduled for the 23rd of next month. In September 2023, Delio was sanctioned and fined 1.896 billion Korean Won (approximately 1.44 million USD) by the Financial Services Commission (FSC) Financial Intelligence Unit (FIU) of South Korea. In response, Delio filed a lawsuit in December 2023, seeking to cancel the fine of 1.896 billion Korean Won.

According to Odaily, Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), recently spoke about the intersection of cryptocurrency and securities law, the political implications of crypto regulation, and his priorities at the SEC during an interview at the Bloomberg Investment Summit on June 25. Gensler emphasized that there is no inconsistency between crypto securities and existing securities laws. He pointed out that the rules governing securities are clear and can protect investors, ensuring fair, orderly, and efficient markets. Despite this, he believes that many entities within the cryptocurrency field do not comply with these laws. This non-compliance is a key issue that the SEC aims to address through its regulatory oversight. Regarding the growing political significance of the cryptocurrency industry, Gensler stated that his primary responsibility is to protect investors and supervise issuers, ensuring access to fair, orderly, and efficient markets. He added that while others can participate in political discussions, his duty is to maintain the integrity of the capital markets.

According to BlockBeats, on June 26, Nebraska Republican Congressman Mike Flood successfully pushed for the approval of two significant legislative reforms in cryptocurrency policy. The 'Financial Innovation and Technology Act of the 21st Century' (FIT21), co-sponsored by Flood, and the proposal to abolish the Securities and Exchange Commission Rule SAB-121, received historic voting approval in May, garnering unexpected bipartisan support. Despite his relatively short tenure in Congress, which began in 2022 through a special election, Flood's extensive experience in the Nebraska legislative body has led him to focus on the cryptocurrency sector. He emphasized the appeal of cryptocurrencies to the younger generation and expressed his desire to ensure that state governments play a crucial role in cryptocurrency regulation. Flood also acknowledged the significant roles of Representatives French Hill and Warren Davidson in the formulation of digital asset policies. He expressed his hope that in the next Congress, through FIT21 and the Stablecoin Act, rules that stifle innovation can be prevented, and legislation promoting artificial intelligence and cybersecurity can be advanced.

According to Odaily, Meta Materials and its former CEOs, John Brda and George Palikaras, are facing a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC accuses them of alleged market manipulation, fraud, and other illegal activities. The SEC alleges that Brda and Palikaras orchestrated a manipulation scheme, which included issuing preferred stock dividends immediately before a merger. They are also accused of distorting the fact that the company sold oil and gas assets and distributed the proceeds to preferred stock shareholders, giving investors a false impression of the value of the dividends. The SEC's complaint also charges Brda and Palikaras with violating federal securities laws' anti-fraud and proxy disclosure provisions. The SEC seeks a permanent injunction against the two defendants, a ban on executive and director duties, and civil penalties. The SEC also demands that Brda disgorge prejudgment interest.

According to BlockBeats, Australian cryptocurrency company NGS Crypto has been renamed as 'Hiddup'. The rebranding comes as the company is currently under investigation and legal proceedings by the Australian Securities and Investments Commission (ASIC). On June 25, NGS Crypto stated that the reason for their rebranding was due to a trademark dispute. This occurred during the ASIC's case against the company for approximately AUD 61 million (USD 41 million) in investor interest arrears. In April of this year, the assets of the company's directors Mark Ten Caten, Brett Mendham, and Ryan Brown, as well as the company's funds, were all frozen. The renaming of NGS Crypto to Hiddup is seen as a significant development in the ongoing legal proceedings.

According to Odaily, court documents reveal that Julian Assange, the founder of WikiLeaks, plans to plead guilty as part of a deal with the US Justice Department. This agreement will grant him freedom after serving a five-year sentence in a UK prison. Assange has been incarcerated in a prison on the outskirts of London for the past five years, consistently refusing extradition to the United States. As reported by CNN, the latest federal court filings show that Assange has agreed to plead guilty to a serious charge related to his alleged involvement in the largest leak of confidential US government materials. This plea is part of his agreement with the Justice Department, which will allow him to avoid imprisonment in the United States. Under the terms of the new agreement, Justice Department prosecutors will seek a 62-month sentence, equivalent to the time Assange has served in a high-security prison in London. The plea agreement will count towards his sentence, allowing Assange to immediately return to his native Australia. The plea agreement must also be approved by a federal judge.

According to PANews, Carole House, a key official who previously provided advice and co-authored President Biden's 2022 executive order on cryptocurrency and digital assets, has returned to the government. House will serve as a special advisor to the White House National Security Council, focusing on 'critical infrastructure policy' and cybersecurity. She expressed her honor to serve again in shaping the future of a secure and trustworthy digital economy. As House returns to the White House, Biden is striving to strengthen his credibility in the field of cryptocurrency, in response to former President Trump's enthusiastic embrace of the digital asset industry. House recently served as a 'resident executive' for Terranet Ventures, a venture capital firm focused on cryptocurrency. She has extensive government experience, having served as an advisor to the Commodity Futures Trading Commission and the National Security Council. Dave Grimaldi, executive vice president of the Blockchain Association, a cryptocurrency lobbying group, described House as a 'pragmatic expert'. He believes her pragmatic approach will have a positive impact on the Biden team. House has always moderately supported cryptocurrency, emphasizing its potential in international economic applications, while also stressing the need to strengthen law enforcement.

According to Odaily, the Financial Services Commission (FSC) of South Korea is planning to establish a Virtual Asset Committee. This committee will be composed of public and private experts, including professionals from the public sector, academia, legal field, and the virtual asset industry. The committee's primary responsibility will be to provide policy and regulatory guidance to the cryptocurrency market and related businesses. It has been reported that the 'Virtual Asset User Protection Act' in South Korea will come into effect on July 19. The Financial Services Commission will implement this new regulation accordingly. This move is seen as a significant step towards regulating the burgeoning cryptocurrency market in the country, providing a structured framework for businesses and users alike. The establishment of the Virtual Asset Committee is expected to bring a more balanced and informed perspective to the regulation of virtual assets. By including experts from various fields, the committee aims to ensure that the regulations are comprehensive and take into account the unique challenges and opportunities presented by the virtual asset industry.

According to Odaily, the Singapore government is taking a series of actions to strengthen regulations following the exposure of a major money laundering case involving 30 billion yuan. The regulatory loopholes exposed by this case have prompted the government to take strict measures, including stringent scrutiny of family offices and hedge funds, and a significant cleanup of inactive family offices. New regulations require family offices to invest at least 10% of their total asset management or 10 million Singapore dollars (whichever is lower) in local investments. These investments include unlisted companies, private equity, and qualified debt securities. The move is part of the government's efforts to ensure financial stability and transparency in the country's financial sector.

According to Odaily, the European Union (EU) has raised concerns that the Apple App Store may be in violation of digital market regulations. The EU has launched a new investigation into the fees charged by the App Store, scrutinizing the contractual requirements imposed on app developers. The EU's move comes amid growing scrutiny of tech giants and their potential anti-competitive practices. The investigation will focus on whether the App Store's fee structure and contractual obligations are in line with EU digital market regulations. This is not the first time that Apple has come under scrutiny for its App Store practices. The tech giant has previously faced criticism and legal challenges over its App Store policies, particularly around its fee structure and the alleged preferential treatment of certain apps. The outcome of this investigation could have significant implications for Apple and other tech giants operating in the EU. If found to be in violation of EU regulations, Apple could face hefty fines and be required to make changes to its App Store policies. The investigation is ongoing, and no further details have been released at this time.

According to Odaily, the Financial Commission of South Korea is set to implement the 'Specific Financial Transaction Information Reporting and Supervision Regulations' on June 27. These regulations include additional matters discovered during the operation of the reporting system, and establish a legal compliance system for virtual asset business operators. The regulations also include additional information about organizational personnel and major shareholders in the reporting items. The authorities collected and reviewed relevant opinions from the virtual asset industry and related institutions from the 24th of last month to the 3rd of this month in the form of a 'Regulation Change Notice'. In these regulatory provisions implemented by the authorities, additional matters related to the compliance system of virtual asset-related laws such as the 'Special Financial Information Act' and the 'User Protection Act' have been added.

According to Odaily, a16z Crypto recently made comments on the draft 1099-DA form of the United States Internal Revenue Service (IRS). The key points of their comments include the following: The requirement for multiple brokers to submit a 1099-DA form for each digital asset transaction results in unnecessary duplication of information reporting, imposing an unreasonable burden on the declarer. They argue that the requirement for brokers to report wallet addresses is unnecessary and puts sensitive taxpayer information at significant risk. The cost of providing the information required by the 1099-DA form is too high, and in some cases, it may even be impossible to achieve. They suggest that the final regulations should delay or 'gradually advance' the effective date of the digital asset information reporting requirements. Non-custodial wallets and digital asset payment processors should be removed from the 'broker' category listed in the 1099-DA form. The IRS should not require the submission of a 1099-DA form when disposing of fiat-supported stablecoins and most NFTs (Non-Fungible Tokens). The requirement to submit a 1099-DA form should include a minimum threshold, allowing brokers to aggregate transactions for reporting purposes. This would streamline the process and reduce the burden on both brokers and taxpayers.

According to Foresight News, the Public Security Bureau of Hanshou County in Hunan has issued a notice on the official website of the Filecoin ecosystem LSD protocol STFIL Protocol. The notice calls for STFIL pledge users and loan users to provide relevant evidence and reflect on the situation. They are asked to bring their valid ID, records of pledges or loans on the website, and materials related to the purchase of FIL virtual currency. Those who fail to report to the bureau within the stipulated time will have their virtual currency dealt with according to relevant laws and regulations. The notice period is from June 10, 2024, to July 10, 2024. In previous news from Foresight, STFIL Protocol announced in April that their core technical team is under investigation by local Chinese police. They have hired lawyers to understand the current situation and provide legal assistance to detained individuals. Furthermore, last week, amidst the detention of the core technical team, FIL on the STFIL platform was transferred to an unknown external address.

According to Odaily, the Public Security Bureau of Hanshou County in Hunan Province announced in early June that it had seized an illegal website, https://www.stfil.io, during its investigation into the '3.28' illegal use of information network case. The website, which was part of the Filecoin ecosystem and operated under the LSD protocol STFIL Protocol, was found to be dealing in the illegal virtual currency FIL. In order to ascertain the facts of the crime, the bureau has requested that users who have pledged or borrowed from the website come forward to provide relevant evidence. Users are asked to bring their valid identification, records of pledges or loans made on the website, and any materials related to the purchase of FIL virtual currency. The bureau has warned that if users fail to respond within the stipulated time, the virtual currency will be dealt with according to relevant laws and regulations. The notice period is from June 10, 2024, to July 10, 2024.

The Dubai Financial Services Authority (DFSA) has unveiled a comprehensive digital asset regime designed to attract and support global Web3 enterprises. In an exclusive interview with Hong Kong Wen Wei Po, DFSA President Zhuang Sitao discussed the authority's initiatives aimed at creating a conducive regulatory environment for digital assets, including investment tokens and cryptocurrencies.Key HighlightsTailored Digital Asset Systems:- Investment Tokens (2021): The first system, introduced in 2021, focuses on investment tokens, also known as tokenized assets. This framework sets clear regulatory expectations for investment products that use blockchain technology to represent ownership or other rights. The system provides a structured regulatory approach, ensuring transparency and compliance, which in turn fosters investor confidence and market stability.- Crypto Tokens (2022): Launched in 2022, the second system regulates cryptocurrencies and stablecoins. It aims to create a clear and stable regulatory environment for virtual currencies, covering aspects such as issuance, trading, and usage. This framework ensures market transparency, and investor protection, and addresses potential risks associated with cryptocurrencies.Regulatory Framework and InitiativesRegulatory Clarity and Market Certainty- Comprehensive Rules: The DFSA's digital asset systems are designed to clarify regulatory expectations, providing market participants with the certainty needed to operate and invest confidently. By setting a clear regulatory path, the DFSA helps reduce uncertainties that could deter investment and innovation.- Support for Innovation: While ensuring a secure environment, the DFSA also promotes innovation within the digital asset space. Recognizing the need to balance regulation and innovation, the DFSA has adopted a proactive approach that encourages growth while maintaining necessary safeguards.Innovative Regulatory Tools:- Test License (Regulatory Sandbox): The DFSA has implemented an innovative test license, known as a regulatory sandbox. This initiative allows companies to develop and test new business models and products in a controlled environment without immediately meeting all regulatory requirements. This approach supports early-stage innovation while managing risks and ensuring consumer protection.- Technical Risk Supervision Team: A specialized team has been established to oversee technical risks associated with digital assets. This team's role is to maintain market integrity and financial stability by monitoring and addressing potential vulnerabilities within the digital asset ecosystem. Their work ensures that innovative advancements do not compromise the security or stability of the market.Interview Insights from DFSA President Zhuang SitaoGlobal Web3 Attraction:- Strategic Vision: President Zhuang Sitao emphasized the DFSA's strategic vision to position Dubai as a global hub for Web3 enterprises by creating a favorable regulatory climate. By attracting digital asset innovators from around the world, Dubai aims to lead the way in the burgeoning Web3 economy.- Holistic Approach: Through tailored digital asset systems and an innovative regulatory framework, the DFSA seeks to create a holistic environment that supports the digital economy, ensuring both growth and security. This approach sets a high standard for regulatory excellence and market development.Broader Implications for the Digital Asset IndustryGlobal Competitiveness:- Market Leadership: Dubai’s proactive regulatory approach enhances its competitiveness as a leading destination for digital asset businesses. This move aligns with Dubai’s overarching goal of becoming a global fintech leader, setting the stage for other jurisdictions to follow.- Regulatory Innovation: The DFSA’s initiatives serve as a model for an effective digital asset market.

According to Odaily, South African cryptocurrency traders have started receiving notifications from the South African Revenue Service (SARS) that their tax affairs are under review. The tax authority is gathering information from various cryptocurrency exchanges to assess compliance. Under the Tax Administration Act, traders who fail to provide the requested information could face criminal charges. SARS may also investigate instances where cryptocurrency ownership has not been declared in the past. According to Tax Consulting SA, this review could involve past transgressions by cryptocurrency traders. However, SARS has not provided clear guidance on whether cryptocurrency transactions are considered capital gains or income. Therefore, accurately recording profits and losses from domestic and foreign cryptocurrency exchanges remains a challenge.

According to Foresight News, the Nigerian Securities Exchange Commission (NSEC) is revising its regulations for Virtual Asset Service Providers (VASP) to 'expand the scope of regulation in line with current realities'. As part of this initiative, the NSEC has introduced an Accelerated Regulatory Incubation Program (ARIP) for the onboarding of VASPs. In addition, the NSEC has directed all operating and potential VASPs to access its electronic portal and complete the application process within 30 days. Non-compliance with this directive will result in enforcement action by the regulatory body. This move by the NSEC is seen as a step towards ensuring better regulation and control over virtual asset service providers in the country.