ChainCatcher news, the Blockchain Association stated in a statement: "According to self-reported data collected, anonymized, and aggregated by HarrisX, the U.S. digital asset industry has spent over $400 million to fight against the SEC led by Chairman Gensler, resulting in countless job, innovation, and investment losses in the U.S."The organization noted that the $400 million figure is just "a small part of the industry," as it comes from a sample survey of Blockchain Association members.It is reported that the organization's members include Ripple, Coinbase, Crypto.com, Grayscale, and Kraken, among others.

ChainCatcher news, Blockchain Association CEO Kristin Smith recently publicly supported the lawsuit filed by Crypto.com against the U.S. SEC, stating that the regulatory agency's overreach threatens the U.S. crypto industry.In a statement posted on X, Smith emphasized that this lawsuit is a key initiative for the regulatory transparency needed to drive the growth of the U.S. crypto industry, saying, "Crypto.com's leadership has sent a clear message to the U.S. SEC: the crypto industry is here to stay."She stressed that this lawsuit is not only a defense of the company but also a defense of the broader U.S. crypto community and its users against what she perceives as regulatory overreach.

ChainCatcher news, according to The Block, the Blockchain Association and the DeFi Education Fund have stated that the new database operated by the U.S. Securities and Exchange Commission raises privacy concerns for millions of people and could potentially trap digital assets.After the financial crisis, the SEC passed Rule 613 in 2012, requiring national securities exchanges and the Financial Industry Regulatory Authority to maintain a Consolidated Audit Trail (CAT). Former SEC Chairman Jay Clayton stated in 2017 that the goal was to allow regulators to oversee the securities market in a "comprehensive" manner. According to the Securities Industry and Financial Markets Association, the consolidated audit trail is set to be fully operational by the end of May 2024.This 351-page rule does not explicitly mention digital assets, but both cryptocurrency organizations have indicated that the SEC considers many cryptocurrency participants to be exchanges or brokers, and therefore they must report information to the CAT. In a friend-of-the-court brief submitted on Thursday, the organizations stated that the CAT would turn "the blockchain into a massive and fully de-anonymized repository that the government can search at will, without having to show any reason to obtain a search warrant." They noted in the brief, "Due to the nature of blockchain technology, even accessing a seemingly limited identity record can unlock a vast amount of irrelevant financial transactions that the user has conducted in the past, present, and future, all of which will be subject to scrutiny by the federal government and numerous private entities."

ChainCatcher news, Fang Hongjin, co-chairman of the Hong Kong Blockchain Association, recently stated that the Hong Kong government's foreign exchange fund should continuously purchase and hold Bitcoin for the long term to enhance the diversification and anti-inflation properties of the foreign exchange fund's assets, breaking free from reliance on a single dollar asset and increasing the autonomy of financial policy.At the same time, early acquisition of Bitcoin can establish international market discourse power and utilize Bitcoin's staking financing characteristics to respond to international speculative attacks on Hong Kong's linked exchange rate.Moreover, this initiative will provide financial credit assurance for Hong Kong's ambition to become the international Web 3.0 capital. Fang Hongjin pointed out that Bitcoin's characteristics as digital gold have gradually been accepted by the international traditional financial industry, and many central banks around the world may follow the trend of adopting Bitcoin as a reserve asset. For example, in 2021, El Salvador announced that it would adopt Bitcoin as an official currency anchor asset, while Switzerland has also passed legislation to include Bitcoin in its national bank reserve assets. The United States may also classify Bitcoin as a national strategic asset reserve, which will further drive demand for Bitcoin from central banks and traditional financial institutions.Fang Hongjin believes that Bitcoin is expected to become an international financial mainstream asset on par with or even surpassing gold. Currently, Bitcoin's market capitalization is approximately $1.4 trillion; if its market capitalization reaches the level of gold, the price of one Bitcoin could soar from the current $68,000 to nearly $600,000. Therefore, allocating a certain proportion of Bitcoin in Hong Kong's foreign exchange fund and holding it for the long term can increase the stability and autonomy of Hong Kong's finance.

ChainCatcher news, Blockchain Association CEO Kristin Smith stated that Kamala Harris becoming the presumptive nominee for the Democratic presidential candidate provides a new opportunity to reshape cryptocurrency policy.Smith believes that a young candidate who understands California's tech economy could bring about entirely new policies. The Blockchain Association has reached out to the Harris team but has not yet received a response.Multiple cryptocurrency advocacy organizations are calling for Harris to engage in "open dialogue" and support cryptocurrency in the party platform. However, the crypto community is skeptical about whether Harris can change the Biden administration's crypto policy. Nevertheless, Smith remains optimistic about the Harris team's future engagement with crypto leaders, believing that Harris has the opportunity to distinguish her policy positions from Biden's.

ChainCatcher news, according to official sources, the stablecoin issuer Tether has announced a strategic partnership with the Vietnam Blockchain Association (VBA) to promote blockchain and digital asset education. This collaboration aims to raise awareness of blockchain technology among public stakeholders through a series of meetings and seminars, facilitating knowledge sharing and capacity building within the industry.The Vietnam Blockchain Association, headquartered in Ho Chi Minh City, serves as a hub for the standardization and promotion of blockchain technology in Vietnam. The association plays a significant role in promoting blockchain technology in Vietnam and advocates for blockchain education through nationwide educational activities.In 2023, Vietnam became the third largest country in the world for cryptocurrency appreciation, following the United States and the United Kingdom, with an appreciation amount of nearly $1.18 billion, making it one of five Asian markets among the top 10 countries for cryptocurrency appreciation.Vietnamese citizens use cryptocurrency to access banking services that were previously unavailable. Approximately 17% of the population owns or holds cryptocurrency, making Vietnam a center for cryptocurrency activity.

ChainCatcher News, the American cryptocurrency lobbying group Blockchain Association has submitted an amicus brief to the U.S. Court of Appeals for the Tenth Circuit in support of Custodia Bank's lawsuit against the Federal Reserve.The Chief Legal Officer of the Blockchain Association stated, "The Federal Reserve claims that digital assets pose safety and soundness issues, which protects large existing banks and makes it harder for industry participants to find banking partners. This puts customers in a bind. And Custodia has become a victim of this scheme.Most importantly, the Federal Reserve's master account provides a safety net for banks and their customers. Lack of access to this system harms the interests of millions of law-abiding Americans participating in the digital asset economy.We hope the Tenth Circuit will make the right decision."

ChainCatcher news, USDC issuer Circle announced that it has joined the European Blockchain Association Adan. Circle will comply with the European Union (EU) new cryptocurrency regulation law MiCA.Circle has obtained registration as a Digital Asset Service Provider (DASP) from the French Financial Markets Authority (Autorité des Marchés Financiers) and has applied for an electronic money institution license under the strict standards set by the French Prudential Supervision and Resolution Authority (ACPR).It is reported that Adan brings together professionals from the digital assets and blockchain sectors in France and Europe, with over 200 member companies.

ChainCatcher news, according to Cointelegraph, the blockchain advocacy organization Blockchain Association opposes the broker rules proposed by the IRS, stating that these regulations would impose an excessive burden on investors, cryptocurrency companies, and the IRS itself.The association cites the Paperwork Reduction Act, indicating that government regulatory agencies should not impose unnecessary paperwork requirements on individuals and entities in the financial system. The letter mentions that if these rules are passed, it would result in an additional 8 billion tax forms, wasting 4 billion hours of processing time, with annual compliance costs reaching $254 billion. In contrast, the IRS initially estimated the total compliance cost of the new regulations to be $136 million.Furthermore, the association believes that the annual compliance cost of $245 billion is unreasonable for a market that generates a tax gap of at most $10 billion. In 2023, the association submitted a 39-page letter detailing its comprehensive opposition to these regulations, arguing that compliance with these rules is extremely difficult for decentralized financial protocols and reflects the government's misunderstanding of blockchain and cryptocurrency.

ChainCatcher news, according to The Block, Coin Center, Blockchain Association, and DeFi Education Fund have submitted an amicus brief in support of Tornado Cash developer Roman Storm's motion to dismiss the charges against him. In the brief, these organizations stated that the government's prosecution of Roman Storm and Roman Semenov contains numerous factual and legal errors. Furthermore, the brief elaborates on how Tornado Cash operates without granting developers control over user assets. If the government’s position that Tornado Cash is a remittance business is valid, then developers could not comply with the Bank Secrecy Act, which means the government's interpretation is equivalent to banning anonymous protocols.

ChainCatcher news, the Blockchain Association has provided new support for six plaintiffs suing the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) over sanctions against the mixer Tornado Cash. In an amicus brief submitted to the U.S. Court of Appeals, it argues that OFAC's decision to approve the privacy protocol is not only illegal but also exceeds its statutory authority, and is both "arbitrary and capricious," violating the U.S. Constitution.

ChainCatcher news, according to Tech in Asia, Singapore-based D3 Labs is collaborating with the Indonesian Blockchain Association to support the first phase of digital rupiah development. D3 Labs Chief Operating Officer Tigran Adiwirya stated that the Bank of Indonesia could consider implementing special design features, such as a personal ownership cap for central bank digital currency (CBDC) and cumulative rewards, as tools to safeguard financial stability.

ChainCatcher News, the Japan Blockchain Association (JBA) calls on the national government to amend the tax system to accommodate cryptocurrencies. The JBA claims that its review of the current tax system indicates that the growth of Web3 businesses in Japan is being hindered.Specifically, it demands that the personal transaction tax be set at a uniform rate of 20% and that profits generated from crypto transactions be exempt from taxation. Statistics from the Japan Cryptocurrency Exchange Association show that as of April 2023, approximately 6.8 million crypto accounts have been opened. The JBA believes that if the tax system is amended, investment will increase, according to a survey.The JBA also calls for the elimination of the unrealized profit tax on third-party issued tokens at year-end, stating that companies will no longer need to sell their held tokens to pay taxes, which will lower the entry barriers for Web3 businesses.Earlier this week, Japanese Prime Minister Fumio Kishida stated that Web3 has the potential to change the traditional internet framework and contribute to social transformation, and the government is committed to creating an environment conducive to promoting Web3.

ChainCatcher news, the Blockchain Association is requesting the U.S. SEC Inspector General to approve an investigation into potential misconduct by Prometheum as the first special purpose broker-dealer. The Blockchain Association emphasized its skepticism regarding Prometheum's acquisition of the SPBD license, as there remains uncertainty about the applicability of U.S. securities laws to cryptocurrency companies.Additionally, the Blockchain Association expressed doubts about how Prometheum CEO Aaron Kaplan secured a seat to testify in front of the U.S. House Financial Services Committee in June. (Source link)

ChainCatcher news, Hong Kong Blockchain Association co-chairman Fang Hongjin expressed his views on the Hong Kong dollar stablecoin, disagreeing with the suggestion that the Hong Kong government issue the Hong Kong dollar stablecoin backed by foreign exchange reserves.Fang Hongjin stated that the Hong Kong government has already expressed its intention to issue a digital Hong Kong dollar, so using foreign exchange reserves to issue a Hong Kong dollar stablecoin is unnecessary. Furthermore, issuing a Hong Kong dollar stablecoin backed by foreign exchange reserves is unreasonable, as the Hong Kong dollar stablecoin should be pegged to the US dollar or a basket of hard currencies, rather than the Hong Kong dollar itself. Fang Hongjin also raised objections to the government's role in the issuance and regulation of stablecoins, arguing that the government should not play the role of issuer and regulator itself, but rather that private institutions should issue under government supervision. (Source link)

ChainCatcher news, the Blockchain Association, a lobbying group for the U.S. crypto industry, stated that SEC Chairman Gary Gensler should recuse himself from enforcing rules on the crypto industry, noting that "his public comments have clearly indicated that he has not taken an impartial stance on these issues." (source link)