ChainCatcher news, a technology industry organization urged the Biden administration on Tuesday not to issue regulations limiting global access to artificial intelligence (AI) chips as the president's term comes to an end, warning that such restrictions would jeopardize the United States' leadership in the AI field.The Information Technology Industry Council, representing companies like Amazon (AMZN.O), Microsoft, and Meta, stated that this regulation would impose arbitrary restrictions on the ability of U.S. companies to sell computing systems overseas and would hand the global market over to competitors. The regulation could be issued as early as Friday. In a letter to U.S. Secretary of Commerce Gina Raimondo, the council's CEO Jason Oxman criticized the U.S. government for "insisting" on releasing the rule in the final days of Biden's term. (Jin Shi)

ChainCatcher news, FOX Business reporter Eleanor Terrett posted on X: "U.S. CFTC Commissioner Caroline Pham is one of the candidates for the new chair, and she pointed out that under new leadership, pausing the enforcement actions from the Biden era is a question on the table."Pham recently stated, "The outlook for next year is optimistic, as under new leadership in Washington, the CFTC chair can leverage this power to set the agenda, establish new rules, and pause enforcement actions."

ChainCatcher News, Taiwan's "Financial Supervisory Commission" department head Huang Xi and Zhou stated at a fintech conference in Taipei on Monday that the Financial Supervisory Commission will require "virtual asset service providers" to complete compliance registration, with new rules set to take effect in January 2025. Non-compliance may result in criminal penalties, including up to two years of imprisonment.Mr. Huang indicated that with the new rules on the horizon, regulators aim to strengthen scrutiny in key areas, including fiat currency custody, information security, customer complaint handling procedures, record-keeping, and information disclosure. Mr. Huang pointed out that there will be stricter reviews of the listing and delisting of crypto assets. Cryptocurrency exchanges must establish clear procedures for the listing and delisting of crypto assets and take measures to prevent unfair trading and detect abnormal prices and trading volumes.In addition to introducing new compliance registration rules, the Financial Supervisory Commission is also drafting a special legal proposal specifically targeting crypto assets. Financial Supervisory Commission Chairman Peng Jinlong stated today at the forum that the regulatory body is making progress and plans to submit the legal proposal to Taiwan's highest administrative authority, the Executive Yuan, in June 2025.

ChainCatcher news reports that Russia's comprehensive cryptocurrency mining regulations came into effect on November 1, imposing strict energy limits, mandatory registration, and rigorous oversight to reform the industry. The law officially defines mining as a legal activity in Russia, stipulating safety and operational requirements for miners and creating a framework for trading digital financial assets on specially approved platforms. This framework aims to provide clarity and oversight for Russia's growing cryptocurrency industry, in the face of increasing energy demands and concerns over illegal mining activities.Under the new regulations, only registered organizations and individual entrepreneurs can legally engage in cryptocurrency mining. However, individual Russian citizens who are not formally registered as entrepreneurs can also mine, but with a monthly electricity consumption limit of 6,000 kWh. If they exceed this limit, they will need to register as entrepreneurs to continue their mining activities. This approach ensures that smaller individual mining operations remain viable while imposing stricter requirements on larger, potentially commercial operations.The regulations also establish detailed reporting obligations for miners, requiring them to disclose the total amount of digital currency mined to the Federal Tax Service (FTS) and provide address identifiers for each transaction. This information will be accessible only to law enforcement agencies, ensuring a degree of privacy protection while enabling oversight. Additionally, miners must ensure that their operations meet standards of reliability, safety, and power stability to mitigate risks to the local power grid.

ChainCatcher news, according to Cointelegraph, the Nigerian SEC has revised its rules regarding the issuance of digital assets, issuance platforms, exchanges, and custodians. In an official notice released to the public, the SEC outlined its plans to update these important regulations.As part of this regulatory reform, the SEC has launched a special compliance program called the "Accelerated Regulatory Incubation Program" (ARIP). This program is specifically designed for Virtual Asset Service Providers (VASP), who must complete their applications within 30 days from the date of the announcement.

ChainCatcher news, according to Cointelegraph, recently, a U.S. appeals court overturned a regulation by the U.S. Securities and Exchange Commission (SEC) that required hedge funds and private equity firms to increase transparency regarding fees and expenses. The court found that this move exceeded the authority granted by Congress. This case strikes a blow against the regulatory agency's claims of congressional authorization over the industry. In recent years, outspoken critics of this regulatory agency within the cryptocurrency industry have raised similar criticisms.On June 5, the Fifth Circuit Court of Appeals ruled against the SEC, stating that it "exceeded its statutory authority." The 656-page regulation required funds to publish quarterly reports, conduct annual audits, and prohibited preferential treatment for certain investors. Six industry groups questioned whether the regulation would increase compliance costs and alter the operational model of the industry. Bill Hughes, a senior attorney at ConsenSys, stated that the SEC's performance over the past three years has been out of sync. In the cryptocurrency space, the SEC believes that many cryptocurrencies fall under its regulatory purview as securities, but cryptocurrency companies argue that the SEC lacks the authority to regulate unless explicitly authorized by Congress.

ChainCatcher news, CoinList has introduced a new rule requiring users to hold sufficient purchase amounts in their accounts to complete transactions during community sales. Users can register freely as usual, but eligibility to participate in sales now depends on whether there is a minimum purchase amount in the CoinList wallet at the time of the sale.The team stated that this modification means there will be no "grace period" to top up the wallet after the sale begins; users must deposit the corresponding amount of funds into their wallets before the sale starts.The CoinList team believes that this change will create a safer and fairer environment for its early adopters and is confident that this new approach will streamline the community sales process, making it not only more efficient but also more inclusive and fair for everyone.

ChainCatcher news, according to TheBlock, the UK's Financial Conduct Authority (FCA) has sent a letter to companies marketing crypto assets in the UK, requiring them to comply with the upcoming financial promotion regime. This order takes effect on October 8 and includes overseas companies promoting products to UK customers.The FCA outlined the requirements for promoting crypto assets in the UK, which include four legitimate methods: a licensed person conveying promotional messages; an unlicensed person conveying promotional messages but with approval from a licensed person; a crypto asset business registered with the FCA conveying promotional messages; or the promotion meeting other exemption criteria under the Financial Promotions Order.Promotions not using one of these avenues will be considered a violation of Section 21 of the Financial Services and Markets Act 2000 (FSMA), which is a criminal offense punishable by up to 2 years in prison, unlimited fines, or both. (Source link)

ChainCatcher news, according to Hong Kong News Network, starting from June 1, the "Guidelines for Virtual Asset Trading Platform Operators" and the "Anti-Money Laundering Guidelines" (Revised) issued by the Hong Kong Securities and Futures Commission will be officially implemented. The strict regulatory policies on virtual currencies have raised higher requirements for the anti-money laundering capabilities of licensed platforms. How to identify money laundering risks more quickly and accurately has become an urgent issue for platforms seeking licenses.To this end, OKLink has newly created the Onchain AML anti-money laundering compliance solution, focusing on aspects such as KYT, KYA, data indicators, and security audits, to assist in virtual asset compliance and risk prevention. The product manager of OKLink stated to the media that under the compliance regulatory background, platforms like Chainalysis and CipherTrace have emerged in the United States. With the implementation of the virtual asset licensing system in Hong Kong, it is expected that more on-chain data security platforms like OKLink will appear in the Hong Kong region. (Source link)

ChainCatcher news, according to Bloomberg, Hong Kong will announce that retail investors can trade cryptocurrencies under a new rulebook for the digital asset industry, with individual investors expected to trade more tokens, such as BTC and ETH, starting next month under appropriate safeguards.According to ChainCatcher yesterday, the Hong Kong Securities and Futures Commission will hold a media briefing on Tuesday at 16:15 regarding the consultation conclusions on regulatory requirements for virtual asset trading platform operators. (source link)

ChainCatcher news, the New York Federal Reserve Bank (NY Fed) on Wednesday restricted the counterparty standards for its reverse repurchase agreement (RRP) program, which may prevent USDC stablecoin issuer Circle from obtaining loans from the Federal Reserve.According to a press release from the New York Federal Reserve Bank, funds registered with the Securities and Exchange Commission (SEC) as "2a-7 funds" that are "organized for a single beneficiary" will generally be considered ineligible, and the Circle Reserve Fund appears to fall into this category.Under the new rules, the fund composed of USDC reserves managed by BlackRock for stablecoin issuer Circle "will generally be considered ineligible for the New York Federal Reserve Bank's reverse repurchase program."It is reported that Circle has placed approximately $25 billion in short-term U.S. Treasury reserves into a custom fund managed by BlackRock called the Circle Reserve Fund. According to an earlier press release from Circle and documents submitted to the SEC for the fund, the Circle Reserve Fund is exclusively for Circle's use and is registered as a "2a-7" government money market fund. (source link)

According to ChainCatcher news, citing informed sources from Bloomberg, under a proposal draft by the U.S. Securities and Exchange Commission (SEC), hedge funds, private equity firms, and pension funds may find it more difficult to collaborate with many cryptocurrency companies.The rule changes that the SEC plans to propose on Wednesday will effectively make it harder for cryptocurrency companies to become "qualified custodians." The draft requires hedge funds, venture capital, and pension funds to hold their clients' assets through qualified custodians. If passed, this rule could mean that institutional funds already involved in cryptocurrency may have to transfer their clients' holdings elsewhere. They may also face sudden audits or other consequences related to their custodial relationships.Most of the five members of the SEC review panel must approve the proposal for it to be publicly solicited for public comment. After considering feedback, the SEC will need to vote again to finalize the rules and make them effective. (source link)

ChainCatcher news, according to Bloomberg, Meta released a policy document on Friday urging policymakers to pause the development of new rules governing the metaverse. Meta stated that many existing laws and regulations around the world will also apply to activities in the metaverse, and excessive regulation could hinder innovation. (Bloomberg)