ChainCatcher news, the Pennsylvania House of Representatives passed the "Bitcoin Rights" bill, providing regulatory clarity for digital assets. This move comes against the backdrop of increasing uncertainty regarding cryptocurrency regulation at the federal level, continuing the trend of legislatures and governors across the country attempting to establish some rules for the U.S. crypto industry.The bill passed with a majority of 176 votes to 26, with support from 76 Democrats and all 100 Republicans.The bill protects residents' rights to self-custody of digital assets, ensuring they can use Bitcoin as a means of payment and providing clear guidelines for taxing Bitcoin transactions.The bill was drafted by the external Bitcoin advocacy organization Satoshi Action Fund, which is the latest initiative to help lawmakers understand the nuances of blockchain technology and Bitcoin. SAF has successfully assisted 20 other states in drafting and passing similar legislation, with four bills in Oklahoma, Louisiana, Montana, and Arkansas becoming law.

ChainCatcher news, according to Bloomberg, so far, crypto-native companies like Coinbase Global Inc. and BitGo Inc. have been the dominant service providers, while traditional financial firms mostly remain in a holding pattern due to concerns over regulatory uncertainty surrounding digital assets.Although the current custody market is only about $300 million, the business remains attractive, with companies like Fireblocks Inc. estimating an annual growth rate of around 30% for the industry.Leading custody banks such as BNY Mellon, State Street Corp., and Citigroup Inc. have begun to dip their toes into the cryptocurrency custody space or have expressed interest. Despite facing setbacks, these companies are experimenting, with many plans focused on the protection of tokenized assets.For example, JPMorgan Chase & Co. operates a project called Onyx, which allows blockchain payments between bank clients. In December last year, a custody trust and clearing company acquired Securrency to provide products for tokenizing traditional financial assets. In August of this year, State Street chose the vendor Taurus for the tokenization and custody of digital asset services.One major issue hindering the entry of established financial institutions is a U.S. SEC regulation known as SAB 121, which prevents highly regulated financial companies from offering cryptocurrency custody services. President Biden vetoed efforts by Congress to overturn the rule. Several banks have received exemptions.

ChainCatcher message, Citibank stated in a research report on Friday that since the launch of spot Ethereum exchange-traded funds (ETFs) in the U.S. on July 23, the cryptocurrency market has been struggling.The bank noted that during this period, other risk assets have also performed poorly, but after adjusting for volatility, cryptocurrencies have underperformed since the rebound in non-farm payroll (NFP) data. Citibank stated that unless the market gains more clarity on the "soft landing versus hard landing outcomes" for the U.S. economy, ETF liquidity may continue to be disappointing.

ChainCatcher news, the Federal Court of Australia ruled that Kraken's Australian operator Bit Trade Pty Ltd violated Section 994B of the Corporations Act by failing to conduct a "target market determination" before launching a product, which is a compliance step required by law. Kraken stated that this ruling reflects the ambiguity of cryptocurrency regulations in Australia. While Kraken is committed to complying with the ruling, a company spokesperson believes that the current regulatory framework is unfavorable to investors and calls for legal clarity in the cryptocurrency and Web3 sectors as soon as possible. ASIC plans to seek economic penalties against Bit Trade, and ASIC and Bit Trade have seven days to reach an agreement on the statement and injunction.

ChainCatcher news, WisdomTree CEO Jonathan Steinberg believes that Bitcoin and cryptocurrencies are on the verge of "mainstream" applications, and that regulatory clarity, the emergence of publicly traded crypto funds, and the tokenization of real-world assets (RWA) will drive cryptocurrencies into the mainstream.Jonathan Steinberg emphasized the significance of former U.S. President Trump's speech at the Bitcoin 2024 conference on July 27, and the ripple effects it will have on the industry in the long run. Trump ambitiously promised to clarify the regulation of cryptocurrencies and digital assets, marking a critical moment for the industry.He also stated, "Cryptocurrency is an asset class, and then there is a broader tokenization of all real-world assets. We see all of this coming together."

ChainCatcher news, according to Coinfomania, the cryptocurrency community in Nigeria has expressed appreciation for the newly introduced European regulation on the crypto asset market (MiCA), particularly its provisions regarding stablecoins. They believe these regulations are beneficial and emphasize the importance of aligning crypto projects with local interests to protect the national currency.In a recent conversation, Nigerian data and policy analyst Obinna Uzoije discussed the 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 that of any other form of digital assets.Uzoije believes that a unified regulatory framework would provide much-needed clarity for potential cryptocurrency investors by simplifying the investment process across different countries and eliminating the need to understand various national regulations. This clarity could reduce regulatory uncertainty, making the ECOWAS region more attractive to investors, as regulatory uncertainty is a major global barrier to cryptocurrency investment.

ChainCatcher news, Fox Business reporter Eleanor Terrett posted on X that in the latest developments of the SEC lawsuit against Binance, the crypto industry has achieved a significant victory in terms of clarity regarding the sale of digital assets in the secondary market.Judge Amy Berman Jackson stated, "......the government's reliance on the assertion that 'crypto assets are manifestations of investment contracts,' as well as its arguments during the hearing regarding the technical nature, platform interdependence, and the performance of each token, are insufficient to categorically include the secondary sale of BNB within the scope of investment contracts.Moreover, this agreement is somewhat inconsistent with the singular theory that the government has been advancing since the filing of the lawsuit: we are not saying these tokens are securities—what we are discussing is investment contracts."Earlier today, it was reported that a federal judge dismissed part of the SEC's lawsuit against Binance and its founder CZ, but allowed other charges to proceed, including those against Binance.US.Later on Friday, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia ruled that the SEC's claims against Binance regarding its ICO, BNB, BNB Vault, staking services, and unregistered and fraudulent charges can continue. She granted the motions of Binance and CZ, dismissing the charges related to secondary BNB sales and Simple Earn.

ChainCatcher news, Cinneamhain Ventures founder Adam Cochran stated that SEC Chairman Gary Gensler's continued lack of clarity regarding Ethereum regulation and the unstable and ambiguous stance of the U.S. SEC on the classification of Ethereum may hinder innovation in the cryptocurrency space and create significant uncertainty.

ChainCatcher news, Paradigm appoints new head of government relations Alexander Grieve. Reportedly, Grieve has over a decade of experience in political and financial policy in Washington, D.C., and has experience in cryptocurrency lobbying during his time at Tiger Hill Partners. Paradigm stated that Grieve's addition will drive clearer regulation from the government.

ChainCatcher news, the International Monetary Fund (IMF) working paper on taxation and cryptocurrency assets warns that taxing cryptocurrency assets is more challenging, and the current tax system is not designed to handle these assets. The IMF's working paper emphasizes that certain crypto assets may not persist in the future, while other enduring assets will become "fundamental innovations in decentralized finance." Therefore, the IMF states that the tax system must adapt to cryptocurrencies with "coherence, clarity, and effectiveness." (source link)

ChainCatcher news, a16z policy chief Brian Quintenz stated that the current actions of the SEC are a continuation of an irresponsible enforcement regulatory model, which harms entrepreneurs, investors, and consumers, while potentially stifling innovation and forcing responsible companies to leave the United States.Coinbase has been a responsible participant in the industry for over a decade, having helped open Web3 in the U.S. As a publicly traded company, it has repeatedly attempted to register with the SEC and has long called for common-sense regulation, but the regulators have not responded. Enforcement actions cannot replace guidance. It is inappropriate to litigate whether specific tokens are securities through enforcement actions against third parties (such as these exchanges), and it does little to protect consumers or provide clarity to the market. The SEC should work with market participants to modernize the rules and clarify their application, which would be a responsible approach aligned with their established mission.Blockchain technology and Web3 have the potential to democratize various industries. However, for this innovation to happen in the U.S., the government must provide clear rules to follow, rather than just litigation. It has been four years since the SEC last issued meaningful crypto-related guidance. Ironically, today’s actions occurred after a proposal was introduced in Congress that would provide clear rules—protecting Americans and rooting out bad actors in the industry. The SEC should collaborate with Congress and responsible U.S. cryptocurrency companies to provide clarity—rather than exacerbate confusion. (source link)

ChainCatcher News, the U.S. House Committee on Financial Services announced on its official website that it will hold a hearing titled "The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem" on June 13 at 2:00 PM local time (June 14 at midnight Beijing time). (Source link)

ChainCatcher News, U.S. House Majority Whip Tom Emmer stated on social media: "Today, I introduced the Securities Clarity Act with Congressman Darren Soto, which clarifies the regulatory classification of digital assets, providing market certainty for innovators and clear jurisdictional boundaries for regulators."The Securities Clarity Act inserts a key term, "investment contract asset," into existing securities law, allowing cryptocurrency projects to fully realize their potential in a compliant manner, enabling the U.S. to compete globally in the next iteration of the internet.It stated that without distinguishing between assets and securities contracts, once a project is decentralized, Token projects that raise funds for development cannot escape the securities framework, which hinders the utility of the project and ultimately harms Token holders. (Source link)

ChainCatcher news, the Bitcoin Layer2 network Stacks has announced the activation of version 2.1, which includes multiple improvements to Stacking, eliminating inefficiencies or confusion in Stacking, PoX rewards, and security mechanisms. It also updates a large number of Clarity language keywords, making it easier for developers to build projects such as cross-chain bridges and decentralized mining pools.In addition, the upgrade enhances miners' ability to mine using local isolated validation or main root UTXO. Stacks 2.1 unlocks the capability to send Stacks assets directly to Bitcoin addresses. (source link)

ChainCatcher news, Coinbase co-founder and CEO Brian Armstrong published an article today titled "Regulating Crypto: How We Move Forward as an Industry from Here," outlining a blueprint for cryptocurrency regulatory policy from the perspective of U.S. regulation and advocating for increased clarity in crypto regulation.The article mentions that legislation should start by regulating centralized participants (stablecoin issuers, exchanges, and custodians), as this is where the risk of consumer harm is greatest. Regulation should focus on intermediaries that require additional transparency and disclosure. Furthermore, he suggested that countries enacting laws for cryptocurrency companies should not only enforce these laws domestically but also apply relevant laws to foreign companies serving their citizens. (source link)

ChainCatcher news, Nasdaq Executive Vice President and Head of North American Markets Tal Cohen stated that Nasdaq may wait until the regulation of cryptocurrency exchanges is clearer and more widely adopted by institutions before launching its own cryptocurrency exchange.Tal Cohen added, "The market serving retail customers is already quite saturated, and Nasdaq will focus on its crypto custody services because if you can properly safeguard people's assets, they will trust you, laying the groundwork for various business operations in the future."According to previous reports, Nasdaq Executive Vice President Tal Cohen mentioned that while Nasdaq does not have immediate plans to launch a cryptocurrency exchange, it will assess opportunities based on the regulatory environment and competitive landscape. (Source link)