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 a report by Juheng News, Taiwan's Financial Supervisory Commission Chairman Peng Jinlong stated that virtual assets and trading businesses (VASP) will be gradually incorporated into regulation in four phases. The VASP industry association will be established tomorrow (June 13), and subsequent self-regulatory norms will be formulated along with penalties to strengthen self-discipline. It is expected that by the end of December this year, a draft of the special law for virtual asset management will be proposed, followed by regulatory announcements and public hearings, with the special law draft to be submitted to the legislature by June next year.The Financial Supervisory Commission has been designated by the "Executive Yuan" as the competent authority for virtual assets that have "financial investment or payment nature," thus initially regulating important aspects. The future special law will focus on safety and consumer protection, while also paying attention to market development.Additionally, according to a report by China Times News Network, the Taiwan Financial Supervisory Commission pointed out that the regulation of virtual assets will be divided into four phases, and it is currently at the third phase.

ChainCatcher News, U.S. House Financial Services Committee Chairman Patrick McHenry and House Agriculture Committee Chairman Glenn "GT" Thompson have released a legislative discussion draft aimed at providing a statutory regulatory framework for digital asset regulation, offering clarity, filling regulatory gaps, fostering innovation, while ensuring adequate consumer protection.Additionally, the draft aims to narrow the existing power gap between the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC), and strengthen the United States' leadership in financial and technological innovation. (Source link)

Chain Catcher News, the Australian Treasury issued a document titled "Clarification that Cryptocurrency is Not Taxed as Foreign Currency," seeking public input on a legislative proposal regarding the tax exemption of cryptocurrencies like Bitcoin. From September 6 to September 30, the public can share their views on the proposed legislation. If enacted into law, this legislation will amend the existing definition of digital currency in the Goods and Services Tax (GST) Act—effectively excluding crypto assets from the definition of foreign currency, but this legislation will not affect the capital gains tax on cryptocurrencies held as investments. (Source link)