ChainCatcher news, U.S. Senator Bill Hagerty, who supports cryptocurrency, has released a legislative discussion draft aimed at creating a regulatory framework for stablecoins, which is very similar to the ongoing work in the House of Representatives. Republican Hagerty stated in a press release on Thursday that his legislative draft "provides much-needed regulatory clarity." The draft is very close to the "Clarity for Payment Stablecoins Act" drafted in the House by Republican Congressman Patrick McHenry and Democrat Maxine Waters.Hagerty's draft adopts the structure of the House bill while dividing federal regulation into the Federal Reserve's oversight of banks and the Office of the Comptroller of the Currency's oversight of non-bank entities. The draft will include a provision that issuers exceeding a $10 billion threshold may receive exemptions from federal regulators and continue to be governed by their respective states. The legislative draft also includes maintaining dollar-denominated foreign exchange reserves on a one-to-one basis.

ChainCatcher news, according to Cointelegraph, Coinbase is preparing to delist non-compliant stablecoins in Europe by the end of 2024, but the status of the world's largest stablecoin Tether's USDt remains unclear. While Coinbase has not officially announced whether the upcoming restrictions will affect USDT, some reports and community discussions suggest that Tether may face challenges under the new regulations.As of early October, the regulatory status of USDT in Europe remains uncertain. The European Securities and Markets Authority (ESMA) is the EU financial market regulator and one of the main overseers of MiCA compliance, and so far, the agency has chosen to remain silent on Tether's regulatory status.

ChainCatcher news, a16z partner Chris Dixon emphasized the importance of further clarifying regulations by the U.S. government during a discussion on stablecoin regulation. He pointed out that the cryptocurrency market has overcome many technical barriers but still faces two main challenges: infrastructure and policy clarity. While some analysts believe that large investors are not interested in application-layer startups, Dixon disagreed with this view. He noted that at least half of a16z's investments in the past few years have been concentrated in the application layer. However, these startups often struggle to realize their visions due to concerns about legal disputes in the next five years.Dixon believes that with new entrepreneurs and new ideas emerging in the digital asset space, a true revival and development of the industry is possible. Although the infrastructure is in place, the lack of regulatory transparency hinders further progress in the industry. He advocates that regulatory policies should prioritize transparency, providing a clear path for legitimate participants while cracking down on fraud and other malicious activities. This is crucial not only for consumers but also for the healthy development of the industry; otherwise, issues similar to FTX may arise again.

ChainCatcher news, the Securities and Exchange Commission (SEC) of Thailand has proposed new regulations allowing mutual funds and private funds to invest in digital assets, in line with international developments and to meet the growing interest of institutional investors. A draft proposal released on Wednesday is seeking public comments on the revision of standards for funds investing in digital assets.The SEC proposed allowing securities firms and asset management companies to provide services to large investors interested in investing in crypto-related products (such as ETFs), creating more opportunities for investors to diversify their portfolios under expert management.

ChainCatcher news, according to Jinshi reports, Japan plans to assess the effectiveness of its cryptocurrency regulations. This review will take place over the next few months and may pave the way for the country to launch cryptocurrency exchange-traded funds (ETFs).An official from the Financial Services Agency (FSA) of Japan stated that the review will evaluate whether the country's current regulatory approach under the Payment Services Act (PSA) is sufficient. The PSA was originally enacted in 2009, and Japanese lawmakers have amended it multiple times to address changes in the financial services landscape brought about by the emergence of digital currencies. The legislation recognizes Bitcoin (BTC) and other cryptocurrencies as legal property. It also requires cryptocurrency exchanges to register and comply with the country's anti-money laundering (AML) and counter-terrorism financing (CFT) obligations.

ChainCatcher news, according to Cointelegraph, financial giant Charles Schwab, with assets under management of $7.13 trillion, has stated that the company is willing to offer cryptocurrency trading services if relevant laws change.It is reported that Charles Schwab is one of the largest investment service companies in the United States, founded in 1971, providing a variety of investment products and financial services including stocks, bonds, and mutual funds.

ChainCatcher news, according to Bloomberg, the Financial Services Agency (FSA) of Japan will begin reviewing the country's cryptocurrency regulatory rules in the coming months. An FSA official stated that this assessment will focus on whether the current Payment Services Act adequately regulates cryptocurrencies. This move could pave the way for reducing digital asset taxes and launching cryptocurrency investment funds in Japan.Currently, the Japanese cryptocurrency industry is seeking to lower the digital asset capital gains tax rate from the current maximum of 55% to 20%.

ChainCatcher news, Dubai's cryptocurrency regulator has updated the marketing guidelines for virtual assets, requiring companies to include disclaimers that clearly state investment risks when marketing.Starting from October 1, companies wishing to promote virtual assets in the UAE must include a "prominent" disclaimer stating that "virtual assets may partially or completely lose their value and are subject to extreme volatility," the Dubai Virtual Assets Regulatory Authority (VARA) announced on Thursday.VARA CEO Matthew White stated, "We believe that by providing clear and actionable guidance, we can help Virtual Asset Service Providers (VASPs) offer services responsibly while fostering trust and transparency in the market."

ChainCatcher message, according to a recent report by Chainalysis, the UAE is an exception, with growth trends across all scales, indicating that the country's "adoption pattern is balanced and comprehensive." Chainalysis emphasized that the UAE received over $30 billion in cryptocurrency from July 2023 to June 2024, ranking among the top 40 globally.It added that this growth is driven by various factors, including regulatory innovation, institutional interest, and expanding market activity. The UAE's DeFi adoption rate is higher than the global average, with a significant portion of transactions conducted through DEX.Globally, 27.8% of crypto transactions are conducted through DEX, while in the UAE, this figure is 32.4%, the highest in the Middle East and North Africa region. Compared to last year, the total value of crypto received through DeFi services in the UAE grew by 74%, while the value of tokens received through DEX increased by 87%, rising from around $6 billion to $11.3 billion.

ChainCatcher message, former NBA Dallas Mavericks owner, billionaire Mark Cuban stated on social media, "I spoke with the Harris team today, and they made it clear to me that they oppose regulation through litigation. Take care of yourself, Gary Gensler. Your departure has contributed one percentage point to the growth of the U.S. GDP."

ChainCatcher news, according to the official website of the Central Bank of Ireland, Ireland is promoting financial democratization through the European Markets in Crypto-Assets Regulation (MiCA). Derville Rowland, Deputy Governor of the Central Bank of Ireland, stated at the European Compliance and Legal Conference that Ireland is committed to promoting the application of cryptocurrencies under the premise of secure innovation, particularly the positive impact of blockchain technology in the fields of investment and infrastructure.The MiCA regulation introduces a unified regulatory framework for the cryptocurrency sector, regulating electronic money token issuers and crypto asset service providers. Rowland emphasized that Ireland will work closely with European regulators to ensure consistent implementation of the regulations and avoid regulatory discrepancies. At the same time, Ireland will promote financial inclusion and innovation by improving the business authorization process, consolidating its position in the rapidly growing crypto industry.

ChainCatcher News, the U.S. Third Circuit Court of Appeals is reviewing the decision by the U.S. Securities and Exchange Commission (SEC) to dismiss Coinbase's petition for regulatory rulemaking on cryptocurrency, questioning the reasoning as too limited.In July 2022, Coinbase requested that the SEC propose and adopt regulatory rules regarding "securities offered and traded through digital native methods," including clarifying which crypto assets qualify as securities.The SEC dismissed the petition at the end of 2023, prompting Coinbase to petition the appellate court to compel the SEC to respond. Judge Thomas Ambro stated that the SEC is not required to provide a detailed explanation for its dismissal, but the record should contain substantive content. He described the SEC's dismissal as "almost devoid of content."Coinbase's Chief Legal Officer Paul Grewal stated on social media that the SEC "refuses to provide a reasonable explanation for its simple dismissal while arbitrarily enforcing against our industry under the guise of authority."

ChainCatcher news, Binance's regional market director Vishal Sacheendran stated in an interview at the Token2049 event that the elections in November are not expected to have a significant impact on the regulation of the global digital asset industry."Crypto regulation is completely decentralized," Sacheendran said, "Will the (U.S. election) affect how countries in the Middle East, Latin America, and Southeast Asia approach the crypto market? They know what is the best choice for their countries."He pointed out that regions in Asia, such as Singapore, Thailand, Indonesia, and India, have now become important crypto markets, and the leaders and regulators in these areas are more open to nurturing Web3 talent.

ChainCatcher news, according to The Block, there was a heated debate in the U.S. Congress during a hearing regarding cryptocurrency regulation issues. Although some companies have received permission from the U.S. Securities and Exchange Commission (SEC) to legally custody crypto assets, many crypto firms and lawmakers still criticize the SEC's regulatory approach.Robinhood's Chief Legal Officer Dan Gallagher stated that the company had suggested adjustments to the rules during discussions with the SEC regarding its crypto business, but the communication ultimately broke down. Meanwhile, Democratic Congressman Stephen Lynch stated that the rules are clear and that crypto companies should not selectively comply. The crypto industry accuses the SEC of selective enforcement and claims that its policies harm innovation and U.S. competitiveness.

ChainCatcher news, Anthony Scaramucci, founder and managing partner of global alternative investment firm SkyBridge Capital, predicts that if Harris wins the election, her approach to cryptocurrency regulation will be roughly similar to Trump's. Anthony Scaramucci stated that although Trump has expressed his support for cryptocurrency, "it's hard to know which direction he will take once in office," as he is an unpredictable politician. He also mentioned, "I think you will start to see Harris's robust economic policies and her stance on cryptocurrency regulation, and I am very optimistic."

ChainCatcher news, according to Cointelegraph, the UK's cryptocurrency industry self-regulatory organization CryptoUK stated that the strict regulations from the Financial Conduct Authority (FCA) are hindering the development of the cryptocurrency sector.According to the organization, the registration process for UK cryptocurrency companies is lengthy and difficult, which poses obstacles to business growth. In the past 12 months, UK regulators have only approved 4 out of 35 cryptocurrency companies for registration.International law firm Reed Harris revealed that the FCA takes an average of 459 days to process a registration application, which is comparable to the time required to apply for a full banking license. Industry insiders are concerned that strict regulations may cause the UK to lose its competitiveness against more crypto-friendly regions.

ChainCatcher news, according to Cointelegraph, the Hong Kong-based stablecoin issuer First Digital Trust stated that Hong Kong should accelerate its regulation in the digital asset space to avoid falling behind in the rapidly evolving industry. Although Hong Kong is committed to becoming a global cryptocurrency hub, currently, there are only two virtual asset trading platforms, Hash Blockchain and OSL Digital Securities, that hold full licenses, while many other exchanges are still waiting for comprehensive operating licenses.First Digital CEO Vincent Chok stated in an interview that it is understandable for Hong Kong to adopt a more conservative and slow approach to trading regulation, as it prioritizes investor protection. However, he pointed out that he hopes to see regulatory acceleration to ensure that the region does not lag behind the pace of industry development. First Digital Trust believes that Hong Kong is not yet ready to regulate dollar-backed stablecoins, while Dubai has taken a more global approach. Chok expressed anticipation for Hong Kong to introduce regulations for dollar-backed stablecoins in the near future.Additionally, Chok does not believe that banks will be eager to provide digital asset custody services, as it exceeds their risk tolerance. Many companies have already established trust structures to offer cryptocurrency custody services.