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According to Foresight News, Blockchain Association Executive Director Kristin Smith has called on SEC Chairman Gary Gensler to immediately cease enforcement actions against cryptocurrency companies. Smith advocates for a focus on a structured transition that would allow Gensler's successor to implement a regulatory framework aligned with congressional intent and market realities. She highlighted that the U.S. Securities and Exchange Commission's (SEC) regulatory actions have resulted in American companies incurring over $400 million in legal defense costs. This figure underscores the excessive regulation of the crypto industry during Gensler's tenure. A recent poll conducted by the Blockchain Association and HarrisX reveals that two-thirds of voters support Congress, rather than unelected regulatory bodies, in establishing rules for the cryptocurrency market. It is noteworthy that the crypto industry targeted by the SEC represents only 0.25% of the global market. However, the enforcement actions have led to the migration of innovation, job opportunities, and economic development overseas.

According to Foresight News, former NBA star Shaquille O'Neal has agreed to a $11 million settlement in a lawsuit involving Astral NFTs and Galaxy tokens. The settlement covers the plaintiffs' legal fees and provides cash payments to NFT and token purchasers. The agreement is pending approval from a judge.Previously, Foresight News reported that O'Neal faced a lawsuit for promoting cryptocurrencies. The class-action lawsuit, filed in a federal court in Florida, accused O'Neal of endorsing unregistered Astral tokens, which allegedly violated securities laws. The lawsuit claimed that O'Neal repeatedly promoted Astrals NFTs on his various social media accounts, leading to a significant decline in the value of the related tokens and NFTs.

According to BlockBeats, a federal court in the Northern District of California has ruled that Lido DAO can be classified as a general partnership under state law. This decision dismisses Lido's claim that it is not a legal entity, setting a precedent for how profit-driven decentralized autonomous organizations (DAOs) are treated legally.The court further determined that identifiable participants in Lido DAO are involved in managing its operations, meaning they cannot evade responsibility through its decentralized structure. Court documents indicate that Paradigm Operations, Andreessen Horowitz, and Dragonfly Digital Management are accused of being general partners due to their alleged active participation in Lido's governance and operations.Miles Jennings, the general counsel and head of decentralization at a16z crypto, expressed concern over the ruling, stating that it deals a significant blow to decentralized governance. He highlighted that, according to the decision, any involvement in a DAO, even something as minor as posting on a forum, could be enough to hold DAO members accountable for the actions of other members under general partnership laws.

According to Odaily, former Acting Comptroller of the Currency under the Trump administration, Brian Brooks, is reportedly exploring opportunities in various financial institutions, excluding the Commodity Futures Trading Commission (CFTC). This information was shared by FOX Business journalist Eleanor Terrett on social media platform X, citing sources familiar with the matter.In addition to the CFTC, the United States hosts several other key financial regulatory bodies. These include the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Financial Industry Regulatory Authority (FINRA), the Financial Stability Oversight Council (FSOC), and the Federal Reserve. Brooks's consideration of roles within these institutions highlights the dynamic landscape of financial regulation and the potential for experienced leaders to influence policy and oversight across different sectors.Brooks's tenure as Acting Comptroller was marked by significant regulatory initiatives, and his potential involvement in other financial regulatory bodies could bring a wealth of experience and insight. As the financial industry continues to evolve, the roles and responsibilities of these regulatory agencies remain crucial in maintaining stability and fostering innovation. The exploration of such positions by seasoned professionals like Brooks underscores the ongoing need for leadership that can navigate the complexities of financial oversight and regulation.

According to Odaily, Kraken's UK Managing Director, Bivu Das, has forecasted that 2025 will be a pivotal year for cryptocurrency adoption. Das anticipates that the number of UK residents who have used or are currently using digital assets will exceed 17 million, representing approximately 25% of the country's total population. He suggests that the volatility of established cryptocurrencies like Bitcoin will decrease, even as their prices continue to rise due to increasing institutional demand.Das also predicts a growing interest among UK workers in pursuing careers within the cryptocurrency industry. In response to this trend, universities are expected to introduce specialized courses in cryptocurrency to nurture the next generation of talent. Furthermore, Das highlights a significant development in the financial sector, noting that UK pension funds are allocating 3% of their portfolios to Bitcoin for the first time. This move signals that London's financial district is poised to embrace digital assets, setting the stage for broader acceptance and integration of cryptocurrencies in the UK's financial landscape.

According to Odaily, the Swiss Financial Market Supervisory Authority (FINMA) has identified digital assets as a high-risk area for money laundering in its latest risk monitoring report. The report highlights the vulnerabilities of digital assets, noting their use in financial crimes such as sanction evasion. It underscores the importance of robust regulatory oversight to mitigate these risks.The report points out that cryptocurrencies, particularly stablecoins, are increasingly associated with money laundering and other illegal activities, including sanction evasion and darknet transactions. This trend has heightened concerns among financial regulators. FINMA stated that it has implemented measures targeting institutions to reduce the money laundering risks associated with digital assets.Swiss financial intermediaries offering crypto-related services are now under stricter scrutiny to manage these risks. FINMA added that inadequate risk mitigation in this sector could endanger individual institutions and pose reputational risks to the entire Swiss financial industry.

According to Odaily, Russia's Ministry of Finance introduced a draft amendment on Monday, proposing a 15% tax on cryptocurrency earnings. This initiative is part of a broader effort to regulate cryptocurrency mining and trading activities. The proposed changes aim to reshape the tax framework for cryptocurrency miners, impacting their income, expenses, and related infrastructure.Under the proposed amendment, income from mined tokens will be taxed at market value upon receipt. Miners will be allowed to deduct operational expenses, ensuring a balanced tax calculation. Additionally, cryptocurrencies will be classified as property for taxation purposes. The new framework also eliminates the value-added tax (VAT) on cryptocurrency transactions, aligning the taxation of income from these transactions with that of securities trading.The proposed regulations also impose obligations on operators of mining infrastructure. These operators will be required to inform tax authorities about individuals using their facilities for mining activities. However, the specific data that needs to be disclosed remains unclear.

According to Odaily, recent data from Polymarket indicates that the probability of former Federal Reserve Governor Kevin Warsh being appointed as the U.S. Treasury Secretary by Donald Trump has risen to 46%, making him the leading candidate. In comparison, the likelihood of Scott Bessent receiving the appointment has decreased to 27%, while Howard Lutnick's chances have fallen to 9%. The total amount wagered on this event has surpassed $2 million.Previously, sources familiar with the matter revealed that Trump's team is in favor of Kevin Warsh for the Treasury Secretary position, and discussions are ongoing. This development highlights the significant interest and speculation surrounding the potential appointment, as evidenced by the substantial betting activity on Polymarket. The outcome of this appointment is eagerly anticipated, given its potential impact on U.S. economic policy and financial markets.

According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) is embroiled in a legal dispute with prediction market operator Kalshi over the regulation of election betting. Kalshi contends that only Congress has the authority to ban election betting, not the CFTC. This argument was presented in a recent court filing as part of an ongoing legal battle. Last September, the CFTC attempted to prevent Kalshi from listing event contracts that allowed traders to bet on political party control of the House or Senate following the November elections. The regulator claimed these contracts constituted "gaming" and were "unlawful under state law," deeming them "contrary to the public interest." Kalshi responded by suing the CFTC in the District of Columbia, arguing that the agency overstepped its statutory authority and violated the Administrative Procedure Act (APA) by attempting to ban election prediction markets. In its latest filing, Kalshi criticized the CFTC's interpretation of "gaming," describing it as arbitrary and lacking statutory basis. The District Court sided with Kalshi, with Judge Jia Cobb granting summary judgment in favor of Kalshi and rejecting the CFTC's broad interpretation of the Commodity Exchange Act (CEA). Cobb's decision vacated the CFTC's order blocking Kalshi's contracts. Following Cobb's ruling, the CFTC sought a stay of the order while it appealed, but Cobb declined. The regulator then approached a U.S. federal appeals court to temporarily block the election-related contracts, but the court unanimously denied the CFTC's emergency motion, citing a lack of concrete evidence that election contracts could harm the public interest. The CFTC is now officially appealing Cobb's ruling, aiming to expand the definition of gaming to include "political contests," which would effectively ban election betting if successful. In its brief filed on Friday, Kalshi reiterated its arguments from the lower court, urging the appellate court to uphold Cobb's ruling. Kalshi's lawyers argued that the CFTC's decision to prohibit its contracts exceeded its statutory authority, emphasizing that Congress has not authorized the CFTC to ban election prediction markets. The CFTC's response to Kalshi's brief is expected by December 6.

According to Cointelegraph, a coalition of eighteen U.S. states has initiated legal action against the Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, accusing the agency of "gross government overreach" in its dealings with the cryptocurrency sector. The lawsuit claims that the SEC has overstepped its bounds by attempting to usurp regulatory authority from the states through its enforcement actions against various crypto entities. The states involved in the lawsuit include Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, Nebraska, Tennessee, Wyoming, among others. In another development, the New York State Supreme Court has ruled in favor of Greenidge Generation, allowing the company to continue its Bitcoin mining and power generation operations at its New York facility. This decision also permits Greenidge to reapply for and potentially renew its Clean Air Act Title V Air Permit, which was previously denied by the Department of Environmental Conservation (DEC) in June 2022. While the court upheld the DEC's authority to deny the permit under state climate laws, it criticized the DEC for acting capriciously. However, it noted that Greenidge failed to prove that the DEC engaged in improper policymaking. Meanwhile, Joe Lubin, CEO of Consensys, expressed optimism about the future of crypto regulation under the administration of President-elect Donald Trump. Lubin suggested that the ongoing legal battles between the SEC and crypto companies might diminish, with many cases potentially being dismissed or settled. He emphasized that while not all cases may be resolved, the industry could save significant financial resources as it progresses. Lubin also remarked on the Trump administration's proactive approach, describing Trump as a "pretty good politician" who is adept at capturing and advancing prevailing trends. Additionally, Scott Hartman, a U.S. prosecutor from New York, indicated a potential reduction in the number of crypto-related cases pursued by his office. Speaking at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation event on November 15, Hartman noted that fewer resources are being allocated to crypto cases in the Southern District of New York. He acknowledged the presence of numerous significant fraud cases but highlighted that their regulatory partners are increasingly active in the cryptocurrency space.

According to BlockBeats, on November 18, Bitwise Chief Investment Officer Matt Hougan shared insights regarding the challenges faced by financial advisors in investing in cryptocurrencies. Hougan highlighted that regulatory issues consistently emerge as the primary concern for advisors each year. This persistent regulatory uncertainty is a significant factor influencing their hesitance to invest in the crypto market. Hougan emphasized that the recent election could potentially alter the landscape for cryptocurrency investments. He suggested that the election results might lead to changes in regulatory frameworks, which could, in turn, impact the crypto industry significantly. As regulatory clarity improves, it is anticipated that there will be a substantial influx of institutional capital into the cryptocurrency market in the coming months. The statement underscores the importance of regulatory developments in shaping the future of cryptocurrency investments. Financial advisors and institutional investors are closely monitoring these changes, as they could pave the way for increased participation in the crypto space. The potential for a wave of institutional capital highlights the growing interest and confidence in cryptocurrencies as a viable investment option, contingent upon clearer regulatory guidelines.

According to Odaily, analysts at TD Securities have indicated that the future of the global interest rate market is largely dependent on the actions of the Federal Reserve. The firm anticipates further interest rate cuts by the Federal Reserve, which is expected to lead to a decline in yields on U.S. Treasury bonds as well as other bond yields.In a recent report, TD Securities analysts stated, "We anticipate that as the easing cycle progresses, the pricing of the Federal Reserve's long-term policy will become more moderate, and the impact of declining Treasury yields will extend to other developed markets' bond markets." This outlook suggests that the Federal Reserve's monetary policy decisions will play a crucial role in shaping the trajectory of interest rates globally, influencing not only the U.S. market but also having a ripple effect on international bond markets.The expectation of further rate cuts aligns with the broader economic strategy to stimulate growth and manage inflation. As the Federal Reserve navigates its policy decisions, the global financial markets remain attentive to the potential implications for interest rates and bond yields. The anticipated adjustments in the Federal Reserve's policy are likely to have significant consequences for investors and economies worldwide, highlighting the interconnected nature of global financial systems.

According to ShibDaily, South Korea is intensifying its regulatory measures on cryptocurrency by empowering exchanges to freeze transactions and seize digital assets for unpaid taxes. A recent amendment to the Virtual Asset User Protection Act grants cryptocurrency exchanges the authority to immediately block deposits and withdrawals. This change, motivated by concerns over hacking, money laundering, and fraud, allows exchanges to act swiftly in urgent situations, freezing funds without prior notice to users. The Financial Supervisory Service (FSS) approved this industry request, recognizing the necessity for rapid intervention in certain circumstances. However, the FSS emphasized that advance notice should remain the standard practice, urging exchanges to carefully assess the urgency of each situation before implementing a freeze without prior notification. This new authority extends beyond merely monitoring activity; exchanges can now actively intervene, freezing funds and preventing transfers if they suspect illegal activity or violations of terms of service. Concurrently, the city of Paju has taken decisive action to collect unpaid taxes by seizing cryptocurrency assets from delinquent taxpayers. This move highlights South Korea’s commitment to integrating the cryptocurrency market into the existing tax system. City officials have issued virtual asset transfer and sale notices to 17 individuals with unpaid local taxes totaling 124 million won. If these taxes are not paid by the end of the month, the city plans to transfer the virtual assets, amounting to 50 million won, to the city’s account and sell them. This action sets a precedent for other jurisdictions within South Korea, demonstrating that cryptocurrencies, despite their decentralized nature and perceived anonymity, are not exempt from government oversight and taxation. South Korea has long been a hub for cryptocurrency activity, both in terms of adoption and regulation. These latest developments reflect the country’s ongoing efforts to balance fostering innovation with mitigating the risks associated with digital assets. The interplay between these two imperatives will continue to shape the future of the crypto market in South Korea and potentially influence regulatory approaches globally. The long-term consequences of these new measures, both positive and negative, remain to be seen. However, it is evident that South Korea is determined to assert its authority over the cryptocurrency market within its borders. The effectiveness and fairness of these new regulations will be closely scrutinized by investors, industry participants, and regulators worldwide.

According to Odaily, South Korea's ruling party, the People Power Party, has proposed delaying the implementation of a virtual asset tax by two years. Party whip Choo Kyung-ho announced this proposal during a meeting of the National Assembly's highest committee, emphasizing the need for a system that investors can reasonably accept. The government and the ruling party are working on amending the Income Tax Act to postpone the tax, originally set to take effect in January next year, to 2027. However, the opposition from rival parties casts uncertainty over whether the amendment will pass in the full session of the National Assembly.Choo Kyung-ho further stated that legislative support is necessary to alleviate investor concerns about recent financial market volatility and uncertainty. He argued that abolishing the financial investment income tax is the government's minimal commitment to reducing market uncertainty, urging the National Assembly to address the issue promptly. This stance comes amid criticism from the opposition, with Democratic Party spokesperson Noh Jong-myun labeling the delay in the virtual asset tax plan as "unacceptable." The debate highlights the ongoing tension between the need for regulatory frameworks and the desire to foster a stable investment environment in South Korea.

According to Odaily, the city of Paju in Gyeonggi Province, South Korea, has announced plans to directly sell virtual assets belonging to individuals with outstanding local tax debts. A city government official stated that notifications have been sent to 17 individuals who collectively owe 124 million Korean won in local taxes. If these debts are not settled by the end of the month, the virtual assets will be seized.The city has identified and secured the virtual assets of these tax delinquents through cryptocurrency exchanges. Should the taxpayers fail to pay their dues by the specified deadline, the seized cryptocurrencies will be sold to recover the owed taxes. This marks the first instance of a local government in South Korea directly selling virtual assets to address tax arrears, setting a precedent for similar actions in the future.

According to Odaily, the Nigerian Securities and Exchange Commission (SEC) has introduced a draft of the '2024 Investment and Securities Bill' aimed at imposing stringent penalties on individuals convicted of Ponzi scheme crimes. The proposed legislation suggests a maximum fine of $12,000 (20 million Naira) or a 10-year prison sentence for offenders.This initiative is seen by some in the cryptocurrency community as a significant step towards curbing fraudulent activities that exploit the term 'cryptocurrency' to deceive investors. By targeting these malicious actors, the bill is expected to contribute to the purification of the industry, fostering a more secure environment for legitimate investments. The move underscores Nigeria's commitment to strengthening its financial regulatory framework and protecting investors from scams that have plagued the market.The proposed penalties reflect the Nigerian government's determination to deter financial crimes and enhance the integrity of its financial markets. As the country continues to embrace digital currencies and blockchain technology, the introduction of such measures is crucial in maintaining investor confidence and ensuring the sustainable growth of the sector. The bill's emphasis on severe repercussions for Ponzi scheme operators highlights the importance of safeguarding the interests of investors and promoting transparency within the financial ecosystem.

According to Odaily, Bank of Japan Governor Kazuo Ueda has indicated that the central bank may continue to raise policy interest rates if economic and price trends align with forecasts. The timing of any rate increase will be contingent upon the outlook for the economy, prices, and financial conditions. Ueda emphasized the importance of remaining vigilant to various risks, including developments in overseas markets.The Bank of Japan's approach reflects a cautious stance in response to evolving economic indicators. As global markets experience fluctuations, the central bank is closely monitoring both domestic and international factors that could influence its monetary policy decisions. Ueda's remarks suggest a readiness to adjust the level of monetary support as necessary, highlighting the bank's commitment to maintaining economic stability.This potential shift in policy comes amid a broader context of global economic uncertainty, where central banks worldwide are grappling with inflationary pressures and varying growth trajectories. The Bank of Japan's strategy will likely be influenced by a combination of domestic economic performance and external economic conditions, underscoring the interconnected nature of today's global economy.

According to BlockBeats, on November 18, Christian Catalini, co-founder and Chief Strategy Officer of Lightspark and founder of the MIT Cryptoeconomics Lab, shared his insights on the U.S. debt situation, the proposal for Bitcoin as a strategic reserve, and the calls for replacing Federal Reserve Chair Jerome Powell. Catalini, who was also a co-founder of the now-defunct Diem/Libra project, provided a comprehensive analysis of these issues.Catalini expressed that despite some misleading narratives in the market, the United States is not on the brink of a debt crisis. He emphasized that from a broader perspective, debt accumulation is a global phenomenon, particularly following the 2008 global financial crisis. While acknowledging that excessive debt is not ideal, he pointed out that it is a challenge that nearly every country must address in some form. Catalini warned that if Powell were to be removed in January, it could undermine the credibility of the Securities and Exchange Commission (SEC) and weaken the U.S. dollar, leading to doubts about the market's ability to manage debt.Furthermore, Catalini speculated on the potential future role of Bitcoin as a strategic reserve asset. He suggested that if Bitcoin were to be adopted in this capacity, it could signify "the end of the Federal Reserve's leadership in global monetary policy." This perspective highlights the evolving discussions around digital currencies and their potential impact on traditional financial systems. Catalini's comments reflect ongoing debates about the future of monetary policy and the role of cryptocurrencies in the global economy.

According to PANews, former President Donald Trump has announced that Brendan Carr will assume the role of Chairman of the Federal Communications Commission (FCC). This decision marks a significant appointment within the agency responsible for regulating interstate and international communications by radio, television, wire, satellite, and cable across the United States.Brendan Carr, who has been serving as a commissioner at the FCC, is expected to bring his extensive experience in telecommunications policy to his new role as chairman. His appointment comes at a time when the FCC is navigating complex issues related to technology, media, and communications infrastructure. Carr's leadership is anticipated to influence the direction of the FCC's policies and regulatory actions, impacting various sectors within the communications industry.The announcement of Carr's appointment underscores the ongoing changes within the FCC's leadership and its potential implications for the future of communications regulation in the United States. As the new chairman, Carr will be tasked with addressing key challenges and opportunities in the rapidly evolving communications landscape.

According to Odaily, U.S. President-elect Donald Trump is evaluating new candidates for the position of Treasury Secretary. Among those under consideration are former Federal Reserve Governor Kevin Warsh and Wall Street billionaire Marc Rowan. Initially, it was anticipated that Trump would select Howard Lutnick, CEO of Wall Street firm Cantor Fitzgerald, or Scott Bessent, a former fund manager for George Soros. However, Trump has been reassessing these initial candidates and has slowed down the decision-making process. It is expected that he will invite the candidates for interviews at Mar-a-Lago this week.