According to Foresight News, the Korean Digital Asset Exchange Alliance (DAXA) has announced a collaboration with 20 virtual asset exchanges in South Korea. The partnership aims to establish the 'Virtual Asset Trading Support Demonstration Case' based on the 'Virtual Asset User Protection Law' to ensure market order and user protection. The implementation is planned to commence from July 19, 2024. The alliance will conduct formal and quality reviews of new virtual assets that exchanges wish to list. In addition, virtual assets already in circulation will be reviewed again within six months after the implementation. The review will cover 1333 types of tokens. However, the possibility of a large number of delistings in a short period is relatively low.

According to PANews, 20 South Korean cryptocurrency exchanges, in collaboration with the Digital Asset Exchange Alliance (DAXA), have established self-regulatory guidelines outlining best practices for listing and delisting virtual assets. DAXA is an industry body composed of five major South Korean cryptocurrency exchanges. This move is in preparation for the 'Virtual Asset User Protection Act' set to be implemented on July 19. Once the act comes into effect, all South Korean cryptocurrency exchanges will officially enforce these guidelines. Furthermore, within six months from the date of implementation, approximately 1333 virtual assets currently being traded will be reassessed. Between January and June this year, DAXA member exchanges delisted 39 cryptocurrencies. Despite the increased scrutiny, industry insiders do not anticipate a large-scale, one-time delisting event.

According to Odaily, Alexander Grieve, the head of government relations at the venture capital firm Paradigm, has called for an update in the S-1 form of the U.S. Securities and Exchange Commission (SEC) to better accommodate the unique characteristics of cryptocurrencies. Grieve made this statement on the X platform. This call for change comes in response to a statement made by SEC Commissioner Mark Uyeda regarding the rules for index-linked annuities and registered market value adjustment annuities. In a footnote to his statement, Uyeda urged for an update to the S-1 form. This marks the first time Uyeda has publicly called for a disclosure system tailored specifically for crypto assets. Grieve suggested that if there were a change in management, the SEC could be a completely different place. This implies that the current management's approach to cryptocurrencies could be improved to better accommodate the rapidly evolving digital asset landscape.

According to PANews, Nate Geraci, President of The ETF Store, announced on Twitter that the US Securities and Exchange Commission (SEC) has confirmed receipt of the 19b-4 application from Hashdex Nasdaq Crypto Index US ETF. This fund will hold both Bitcoin and Ethereum in spot. Geraci's announcement indicates that the SEC is moving forward with the process of reviewing the application. The Hashdex Nasdaq Crypto Index US ETF, if approved, will be a significant development in the cryptocurrency market, as it will hold both Bitcoin and Ethereum, two of the most popular and widely traded cryptocurrencies. The 19b-4 application is a necessary step for any entity seeking to list a new exchange-traded fund (ETF) in the United States. The SEC's confirmation of receipt of the application is the first step in a process that could lead to the approval of the ETF. The potential approval of the Hashdex Nasdaq Crypto Index US ETF could have significant implications for the cryptocurrency market. It could provide a more accessible way for investors to gain exposure to Bitcoin and Ethereum without having to buy the cryptocurrencies directly. However, it's important to note that the SEC's receipt of the application does not guarantee its approval. The SEC has previously rejected several applications for Bitcoin ETFs, citing concerns about market manipulation and a lack of market surveillance. The outcome of the Hashdex Nasdaq Crypto Index US ETF application remains to be seen.

According to Odaily, Silvergate Capital Corp, the parent company of Silvergate Bank, has agreed to pay $63 million to settle with the U.S. Securities and Exchange Commission (SEC), the Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI). The regulatory bodies accused the company of failing to maintain an appropriate anti-money laundering program and making misleading disclosures about the effectiveness of the program. The Federal Reserve imposed a fine of $43 million, while the California regulator imposed a $20 million fine, noting that the bank had deficiencies in tracking internal transactions. The SEC also imposed a $50 million fine, but it is not expected to increase the total amount of the fine. The SEC stated that any fines owed by Silvergate could be offset by the amount it pays to banking regulators, and the settlement agreement still needs court approval. The SEC also charged former executives of Silvergate. Former CEO Alan Lane and former COO Kathleen Fraher agreed to settle, while former CFO Antonio Martino denied the related charges.

According to BlockBeats, Silvergate Bank, known for its crypto-friendly services, is facing a lawsuit in federal court. The U.S. Securities and Exchange Commission (SEC) has reportedly filed the suit due to allegations of securities fraud. The case was initiated on July 2nd. The SEC, which is responsible for enforcing federal securities laws, has not released any specific details about the allegations against Silvergate Bank. However, the lawsuit indicates a significant development in the relationship between regulatory bodies and crypto-friendly financial institutions. This news comes as a reminder of the ongoing scrutiny faced by banks and other financial institutions that offer services to the cryptocurrency industry. It underscores the need for these institutions to ensure compliance with all relevant securities laws to avoid potential legal complications. Further information about the lawsuit and the specific allegations against Silvergate Bank is expected to be released in the coming days. The outcome of this case could have significant implications for other banks that provide services to the cryptocurrency industry.

According to Odaily, investment bank TD Cowen stated on Monday that the recent decision by the US Supreme Court to overturn the Chevron principle could complicate the work of crypto legislation. The report suggested that the ruling is generally perceived as beneficial to the cryptocurrency industry. This view is partially agreed upon as it could aid the cryptocurrency industry in challenging the rules and enforcement of the US Securities and Exchange Commission in the future. However, it does not alter any past rulings, nor will it reconsider previous decisions. The report further highlighted that the bigger issue is what this decision means for legislators who wish to enact laws to regulate the industry and stablecoins. Analysts pointed out that they are discussing details that are usually not seen in legislation, such as what happens when retail investors participate in the pledge program of trading platforms, or if tokens have ever hidden their source through a mixer, how AML/BSA controls will apply. Both parties are no longer willing to listen to the opinions of regulatory agencies, as the court may now review these decisions.

According to Foresight News, Circle's co-founder and CEO, Jeremy Allaire, has announced that the company's US dollar stablecoin (USDC) and Euro stablecoin (EURC) are now in compliance with the newly introduced stablecoin regulations, MiCA, in the European Union. The company has officially started issuing these stablecoins to its European customers from July 1st. The new regulations aim to ensure the stability and security of transactions involving stablecoins. Circle's compliance with these regulations indicates its commitment to adhering to international standards and providing secure financial services to its customers. This development is significant as it marks the expansion of Circle's services in the European market, potentially increasing the adoption and use of its stablecoins. It also demonstrates the company's adaptability in conforming to new regulatory environments, which is crucial in the rapidly evolving digital currency landscape.

According to CryptoPotato, Ripple's ongoing lawsuit with the US Securities and Exchange Commission (SEC) over XRP sales could significantly affect the cryptocurrency's value and the wider crypto market. The SEC filed the lawsuit against Ripple over three and a half years ago, accusing it and some of its executives of conducting an unregistered security offering through the sale of XRP. The case has seen numerous developments, with some favoring Ripple. In July 2023, Judge Torres ruled that Ripple's sales to secondary trading platforms did not constitute offers of investment contracts. The regulator's intentions to appeal the decision were dismissed, and Ripple's CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges. The case entered its trial phase in April this year, and a resolution could be imminent. However, the complexity of the legal process and other factors could potentially prolong the lawsuit indefinitely. The SEC initially sought a $2 billion fine on Ripple, but the company insisted on no more than $10 million. Recently, the SEC lowered its demand to $102.6 million. The agency stated that Ripple avoids comparing the penalty to the gross profit of the violative conduct, which results in a much larger figure than the $10 million ceiling Ripple insists on. The lawsuit's outcome could cause significant volatility for Ripple's native token and the entire cryptocurrency market. A decisive win for Ripple could trigger an XRP rally, similar to what was observed after the company's first partial win last year. Conversely, a victory for the SEC could trigger a potential pullback for the crypto sector.

According to Odaily, Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), has made remarks concerning the legal predicaments of several leading figures in the cryptocurrency industry. Gensler stated that some of these individuals, who were prominent in the sector a few years ago, are either already incarcerated, on the verge of imprisonment, or awaiting extradition. This statement by the SEC Chairman underscores the regulatory scrutiny and legal challenges that some key players in the cryptocurrency industry are currently facing. It also highlights the potential risks and consequences associated with non-compliance with regulatory standards in the rapidly evolving digital currency landscape. However, Gensler did not provide specific names or details regarding the individuals he was referring to. The identities of these cryptocurrency leaders and the exact nature of their legal troubles remain undisclosed. Further information is awaited.

According to Odaily, the Department of Commerce and Consumer Affairs (DCCA) and the Hawaii Technology Development Corporation (HTDC) in Hawaii have recently announced that their regulatory sandbox, the Digital Currency Innovation Lab (DCIL), ended on June 30. As a result, cryptocurrency companies will no longer require a money transmitter license issued by the state of Hawaii to operate within the state. However, they must comply with federal regulations. The DCIL was a two-year pilot project in Hawaii, established in collaboration between the HTDC and the Department of Financial Institutions (DFI) in Hawaii. It allowed participating digital currency issuers to operate in Hawaii without a state-issued money transmitter license. The announcement stated, 'This collaborative research project was launched in 2020, aiming to explore the state's digital currency activities and evaluate the regulatory framework needed for companies specifically engaged in digital currency, also known as cryptocurrency. The results of the project indicate that cryptocurrency companies will no longer need a money transmitter license issued by Hawaii to operate in the state.'

According to Odaily, the cryptocurrency community in Nigeria has expressed appreciation for the newly introduced Crypto Asset Market Authority (MiCA) in Europe, particularly its provisions on stablecoins. They believe these regulations are beneficial and emphasize the importance of integrating crypto projects with local interests to protect the national currency. In a recent conversation, Nigerian data and policy analyst Obinna Uzoije discussed potential lessons that the Economic Community of West African States (ECOWAS) could learn from Europe's MiCA. Uzoije stated that stablecoins are currently the most widely used crypto assets, especially in Africa, where the trading volume of stablecoins surpasses any other form of digital assets. Uzoije believes that a unified set of regulations will provide much-needed clarity for potential cryptocurrency investors by eliminating the need to understand various national regulations and simplifying the investment process between different countries. This clarity can reduce regulatory uncertainty, making the ECOWAS region more attractive to investors, as regulatory uncertainty is a major global obstacle to cryptocurrency investment.

According to CryptoPotato, two individuals have been sentenced for their roles in a scheme to manipulate the price of Hydrogen Technology's cryptocurrency, HYDRO, and defraud investors. This case is significant as it is the first time a federal criminal trial jury has classified a cryptocurrency as a security and determined that price manipulation of cryptocurrency constitutes securities fraud. The court documents and trial evidence showed that Michael Kane, co-founder and CEO of Hydrogen Technology, and Shane Hampton, the company's Head of Financial Engineering, collaborated with South African firm Moonwalkers Trading Limited to manipulate the price of HYDRO. From October 2018 to April 2019, the firm used an automated trading bot to create fraudulent orders on a U.S.-based cryptocurrency exchange. The group conducted approximately $7 million in 'wash trades' and placed over $300 million in 'spoof trades' for HYDRO. These actions misled retail investors into buying HYDRO at artificially inflated prices, resulting in the group profiting around $2 million over ten months. Nicole M. Argentieri, Principal Deputy Assistant Attorney General and head of the Justice Department’s Criminal Division, stated that Kane, Hampton, and their co-conspirators used a trading bot to manipulate the price of their company's cryptocurrency, thereby defrauding investors. Kane pleaded guilty in November 2023 to one count of conspiracy to commit securities price manipulation, one count of conspiracy to commit wire fraud, and two counts of wire fraud. Hampton was convicted by a federal jury on February 7 of one count of conspiracy to commit securities price manipulation and one count of conspiracy to commit wire fraud. The jury unanimously agreed that the defendants' sales of HYDRO were investment contracts, thus classifying the token as a security under federal securities law. This trial was the first criminal jury trial in which a cryptocurrency was deemed a security. Two additional co-conspirators, Andrew Chorlian and Tyler Ostern, pleaded guilty in May 2023 to one count of conspiracy to commit securities price manipulation and wire fraud. Both have been previously sentenced. Shane Hampton, 32, of Philadelphia, received a sentence of two years and 11 months in prison. His co-conspirator, Michael Kane, 39, of Miami Beach, Florida, was sentenced to three years and nine months in prison.

According to U.Today, Ripple recently achieved a significant legal victory as most claims in a class action lawsuit concerning XRP were dismissed. The ruling by the Court for the Northern District of California has reduced the case to a minor state law claim related to allegedly misleading statements. The ongoing debate's central issue is whether XRP should be classified as a security. Although the Californian ruling is a victory for Ripple, it is suggested that under certain circumstances, XRP could potentially be considered a security. This view contrasts with Judge Torres' previous ruling in New York that XRP does not qualify as a security when sold to institutional investors. Legal experts Fred Rispoli and Marc Fagel have shared their thoughts on the implications of these developments. Rispoli, a strong supporter of XRP, underscored the potential impact of California law on the definition of securities in light of the court's interpretation. On the other hand, Fagel, drawing from his SEC experience, pointed out the nuanced federal and state considerations in determining whether XRP transactions fall under securities regulation. Rispoli noted in response to the ruling, 'The court's decision leaves open the possibility that XRP could be classified as a security under California law, if not federal law.' Fagel disagreed, emphasizing that while California's adoption of federal standards such as the Howey test influences local interpretations, the broader implications for federal courts seeking guidance remain limited.

According to BlockBeats, Ripple's Chief Technology Officer, David Schwartz, recently expressed support for cryptocurrency company Consensys in a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). Schwartz drew parallels with the luxury diamond company DeBeer, suggesting that the services of MetaMask, a product of Consensys, are not intended for profit. Schwartz further elaborated on the investment concepts related to MetaMask, adding that the profits of MetaMask are a result of external market conditions and user activity, not the efforts of Consensys. In addition, when comparing tokens and securities, he proposed that 'tokens managed by smart contracts cannot make all token holders a joint enterprise.'

According to Odaily, on the morning of June 25, the Audit Office, commissioned by the State Council, reported the execution of the central budget and other fiscal revenues and expenditures for the year 2023 to the Standing Committee of the National People's Congress. The report indicates that corruption methods are becoming increasingly covert and sophisticated. As anti-corruption efforts intensify, corrupt practices are becoming more concealed, leveraging information technology and regulatory loopholes. New forms of corruption and latent corruption are beginning to emerge. The report cites an example of a department-level official in the financial regulatory department who used his position to support specific private enterprises to enhance their industry competitiveness. This official received large amounts of money and equity, and concealed the source of the funds transferred by the private enterprises through 'technical processing'. This included withdrawing and depositing at the same outlet, using relatives' bank accounts, and conducting virtual currency transactions. This case presents typical technical characteristics.

According to Odaily, Vitalik Buterin, in a response to a user on the Warpcast platform, expressed his concerns about the current regulatory environment for cryptocurrency developers. He stated that the existing regulations, particularly in the United States, have pushed honest cryptocurrency developers into a corner. Buterin explained that if one engages in unproductive activities or solicits money from people in exchange for vague promises of potential returns, they are considered free and innocent. However, if one attempts to clearly explain to their clients where the returns are coming from and what rights they are entitled to, they are doomed because they are considered 'securities'. He further criticized this 'anarchic tyranny' for creating an incentive gradient that is worse than pure anarchy or pure tyranny. From an anarchic perspective, there seems to be an endless stream of bad actors, scammers, and baseless speculators on social media and sharing platforms. Previously, Buterin had proposed three solutions to address the issue of 'useless' cryptocurrency products and services. These included limiting leverage, requiring audits and transparency, and controlling usage through knowledge tests.

According to Odaily, Bill Hughes, a lawyer for Consensys, has announced on platform X that the US tax authority has revoked a final broker reporting rule for Consensys. However, the rules regarding non-custodial wallets and related non-custodial software products have not been finalized. These products are still under review and may be classified as brokers, with their status to be determined later. Hughes also pointed out that the scope of 'digital assets' under this final rule is too broad. Every disposal of NFTs and stablecoins is a reportable event. If a form is not submitted to the US tax authority detailing the gains or losses in fractions of a cent, it would be impossible to exchange USDC for dollars on the exchange.

According to U.Today, Ripple, the San Francisco-based enterprise crypto company, is facing significant challenges in the U.S., according to Cassie Craddock, the firm's managing director for the U.K. and Europe. The company is currently embroiled in a protracted legal dispute with the U.S. Securities and Exchange Commission. Ripple's CEO, Brad Garlinghouse, has frequently expressed frustration over the regulatory uncertainty in the U.S. and the SEC's antagonism towards the industry. Despite the difficulties in the U.S., Craddock revealed that Ripple is enthusiastic about the implementation of the Markets in Crypto-Asset Regulation (MiCA) framework in the EU. This pioneering cryptocurrency law, which aims to provide much-needed regulatory clarity to industry players, has put Brussels ahead of Washington and other jurisdictions in terms of clear crypto regulations. The MiCA framework initially came into effect on June 30, 2023, following approval by the European Parliament two months prior. It will be fully implemented from Dec. 30, with some provisions taking effect from this Sunday. However, not everyone in the industry shares Craddock's optimism about the new crypto regulations in Europe. Some industry executives are still puzzled by certain ambiguities in the MiCA provisions. Marina Markezic, founder of the Brussels-based European Crypto Initiative, recently expressed that many crypto companies are still uncertain about how the law will operate.