ChainCatcher news, Bithumb won the second trial of the corporate tax lawsuit for 130 million KRW (approximately 97,000 USD). On August 20, the Seoul High Court overturned the first-instance judgment, ruling in favor of Bithumb. This case originated in 2019 when tax authorities imposed a corporate tax of 180 million KRW (approximately 134,000 USD) on Bithumb due to its change in the assessment method for virtual assets, which was later reduced to about 130 million KRW.The second-instance court found that there were no clear accounting regulations at the time, and Bithumb's choice of the "weighted average method" for assessing virtual assets was legitimate. Furthermore, the virtual assets held by Bithumb should not be considered inventory assets, and thus there was no need to report the change in assessment method.

ChainCatcher news, according to News.bitcoin, a Nigerian Bitcoin supporter has filed a lawsuit challenging the government's restrictions on holding, using, and trading digital assets.The supporter stated that the lawsuit aims to lift the ban on cryptocurrency exchanges, ensuring that all Nigerians can use cryptocurrencies without restrictions.

According to ChainCatcher, Fox Business reporter Eleanor Terrett stated on the X platform that the U.S. House of Representatives will vote on SAB 121/HJ Res. 109 (Cryptocurrency Custody Accounting Standards Announcement) at 4 PM EST on July 10 (04:00 Beijing time on July 11), but it is expected that lawmakers will not secure enough votes to achieve the two-thirds majority needed to override Biden's veto.

ChainCatcher news, according to Cointelegraph, U.S. President Joe Biden's controversial veto of the SAB 121 bill may be voted on by the House of Representatives next week. SAB 121 is a proposed rule that requires entities holding cryptocurrencies to record these holdings on their balance sheets.According to the weekly schedule released by House Majority Leader Scalise, the rule is currently on the House's "legislation that may be considered" list. Voting to override or uphold the presidential veto is a constitutional obligation of the House, so a vote must take place again. The vote may occur on Tuesday or Wednesday.

ChainCatcher news, investment bank TD Cowen stated on Monday that the recent Supreme Court ruling overturning the Chevron principle may complicate cryptocurrency legislation efforts.The report stated: After the Supreme Court's action, there is a general belief that the ruling is favorable to the cryptocurrency industry. We partially agree with this view, as it will help the cryptocurrency industry challenge the rules and enforcement of the U.S. Securities and Exchange Commission in the future. However, this does not change any past rulings nor will it reconsider previous decisions.The report argues that a bigger question is what this decision means for lawmakers hoping to enact legislation to regulate the industry and stablecoins. Analysts stated, "We are discussing details that are typically not seen in legislation, such as what happens when retail investors participate in staking programs on trading platforms, or how AML/BSA controls would apply if tokens have previously hidden their origins through mixers. Both sides are no longer willing to heed the opinions of regulators, as the courts may now conduct secondary reviews of these decisions."

ChainCatcher news, Ripple recently profited in a class action securities lawsuit. Although Judge Hamilton dismissed most of the claims, he suggested that XRP might be a security, thus requiring stricter regulation. This contradicts last year's ruling by Judge Torres, who found that XRP is essentially not a security.This reflects a larger issue: the lack of legal and regulatory clarity in the U.S. crypto industry. Unless Congress or higher court rulings provide clarity for the industry, projects like Ripple may face more regulatory confusion.Ripple executives stated that Hamilton's ruling does not overturn Torres's 2023 ruling that XRP is not a security under federal law.Moish Peltz, a partner at New York law firm Falcon, Rappaport, and Berkman, added, "......The question of whether XRP is a security has not been resolved."

ChainCatcher news, according to theguardian, the U.S. Supreme Court has overturned one of its most important precedents, Chevron Deference. Chevron Deference is a part of U.S. administrative law that grants federal agencies the power to interpret laws when they are ambiguous.This ruling has a significant impact on the rule-making authority of the U.S. Securities and Exchange Commission (SEC) and other federal agencies, weakening their power in administrative law.

ChainCatcher news, according to Fox Business reporter Eleanor Terrett sharing information on X, the digital asset bank Custodia Bank has submitted a brief to the U.S. Court of Appeals for the Tenth Circuit, challenging a Wyoming judge's decision granting the Federal Reserve unrestricted power to deny its master account.Custodia is asking the appellate court to instruct the Wyoming district court to reverse its decision to deny Custodia's application for a master account and to grant it a master account.Custodia CEO Caitlin Long has hired two senior Supreme Court attorneys to defend her company. Here are some key points they argue:Custodia's lawyers claim that the Federal Reserve's power to refuse to open a master account for state-chartered banks undermines the dual banking system, which allows banks to freely choose whether to operate under state or federal charters;They also argue that the Federal Reserve discriminates against state-chartered banks seeking to obtain master accounts, which may violate the Monetary Control Act, a law that allows state-chartered banks seeking Federal Reserve services to gain fair access;They emphasize the use of the word "shall" in the Monetary Control Act by Congress, stating that "all services of Federal Reserve Banks... shall be open to non-member deposit institutions," to illustrate Congress's intent to allow all eligible banks equal access to Federal Reserve services.Previously, Custodia hoped to operate as an uninsured bank, issuing a stablecoin backed by cash and other assets. However, the Federal Reserve determined that the bank was not entitled to a master account in the Federal Reserve System and denied its application to join the Federal Reserve System, indicating that the Federal Reserve aims to isolate payment rails from crypto assets. It is reported that a Federal Reserve account allows holders to transfer reserves directly to another financial institution without another intermediary.

ChainCatcher news, according to market news, the emergency license suspension order for Binance in Florida has been overturned.

ChainCatcher news, before the U.S. House of Representatives voted on H.J. Res. 109 (which aims to overturn the SEC's SAB 121 regulation regarding digital assets), President Biden issued a threat statement indicating that he might exercise his veto power using executive authority if a resolution to overturn the SEC's policy were to pass. The White House stated that it "strongly opposes" House members' attempts to undermine the SEC's measures to "protect investors in the cryptocurrency market and safeguard the broader financial system."It is worth noting that in previous administrations, about one-third of veto threats were never acted upon, so it does not necessarily mean that a veto will be executed. Given the bipartisan support for the bill, Biden may have to weigh the pros and cons.Patrick Kirby, the policy head of the Crypto Council for Innovation, explained, "The president has 10 days (excluding Sundays) to sign the resolution into law, allowing it to become law without his signature or veto."Additionally, the SEC could decide to withdraw SAB 121 to avoid forcing Biden to decide whether to exercise his veto. (Cointelegraph)Previously, the U.S. Senate passed a resolution to overturn the SEC's SAB 121 by a vote of 60 to 38; however, this resolution may be vetoed once it reaches President Biden's desk.It is reported that the SEC's previously issued Staff Accounting Bulletin 121 requires companies to record their held cryptocurrency assets on their balance sheets, but critics argue that this regulation is overly stringent and effectively hinders major custodians and companies from holding cryptocurrency assets for their clients.

ChainCatcher news, according to information from the official U.S. Senate website, the Senate voted 60 to 38 to overturn the controversial SEC accounting rules for crypto assets.It is reported that the SEC's previously issued Staff Accounting Bulletin 121 (SAB 121) required companies to record the crypto assets they hold on their balance sheets, but critics argue that this regulation is too stringent and effectively hinders major custodians and companies from holding crypto assets for their clients.

ChainCatcher news, according to The Block, the U.S. House of Representatives voted to pass a resolution aimed at overturning the SEC's cryptocurrency custody accounting standards announcement. The House vote resulted in 228 - 182, with a majority of Republicans supporting the measure. 21 Democrats voted in favor.The announcement was first issued in 2022 and has sparked controversy over the past year. It requires cryptocurrency custodians to record the cryptocurrencies held by clients on their balance sheets as liabilities. The crypto industry is concerned that this move could prevent banks from safeguarding digital assets. However, on Wednesday, the White House released a "government policy statement," stating that President Biden would veto the resolution.The White House stated, "Limiting the SEC's ability to maintain a comprehensive and effective financial regulatory framework for crypto assets would lead to serious financial instability and market uncertainty." The resolution may be submitted to the Senate Banking Committee and then voted on by the full Senate.

ChainCatcher news, according to a statement released on Tuesday, imprisoned Terra co-founder Do Kwon has achieved a rare victory as Montenegro's appellate court overturned a lower court's decision in February to extradite him to the United States, citing "significant violations of criminal procedure regulations."It is reported that last month, Kwon appealed the ruling that sent him to the U.S. to face fraud charges related to Terra's $60 billion loss in May 2022. According to the appeal statement, the case is currently being sent back to the lower court for a second review.

ChainCatcher news, according to Digital Asset, the High Court of Podgorica, the capital of Montenegro, stated that "the decision to extradite Terraform Labs founder Do Kwon to the United States may be overturned again."Marija Rakovic, a public information officer at the High Court of Podgorica, said, "The appellate court has overturned the high court's extradition decision twice. If Do Kwon appeals the recent extradition decision again, the appellate court may overturn the high court's decision to extradite him to the United States once more." He added, "We do not intend to predict the appellate court's ruling, but rather (in principle) indicate our position on this possibility."

ChainCatcher news, according to CoinDesk, members of the U.S. Congress are attempting to overturn a controversial accounting announcement by the Securities and Exchange Commission (SEC) that imposes restrictions on companies wishing to hold customer crypto assets. Senator Cynthia Lummis (R-Wyo.) along with Representatives Wiley Nickel (D-N.C.) and Mike Flood (R-Neb.) introduced matching resolutions in the Senate and House on Thursday, formally opposing this accounting rule and asserting that it has no legal effect.It is reported that the SEC's 2022 Staff Accounting Bulletin No. 121 (SAB 121) stipulates that companies holding customer cryptocurrencies should account for them on their own balance sheets, which could force banks wishing to hold cryptocurrencies to maintain what they consider burdensome capital to offset risks.

ChainCatcher news, HashKey Exchange announced on social media that it has partnered with the British luxury mobile phone brand VERTU to provide a pre-installed app on VERTU phones.

ChainCatcher news, luxury mobile brand VERTU has launched the Web3 smartphone METAVERTU2. The METAVERTU2 is a smartphone that integrates Web3 technology with artificial intelligence. It is reported that the METAVERTU2 introduces peer-to-peer absolute privacy storage VBOX and distributed encrypted blockchain private key backup technology KEYBOX. These advancements protect information and assets from malicious tampering or theft, thereby enhancing the device's ability to resist hacking attacks.Last year, VERTU launched the first Web3 phone, METAVERTU.