ChainCatcher news, according to Bitcoin.com, U.S. Congressman Warren Davidson introduced the "Assessing DeFi Opportunities Act" on Tuesday. The bill calls for the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Secretary of the Treasury to jointly study decentralized finance (DeFi). Davidson emphasized that DeFi plays a crucial role in the future of capital markets, but he expressed concerns about the Biden-Harris administration's regulatory approach to the sector. He described, "This legislation ensures that the federal government can implement data-driven financial regulation without interfering with the development of digital markets or jeopardizing the user privacy provided by DeFi."Lawmakers pointed out that as the number of users continues to grow, the total market capitalization of DeFi has soared to approximately $75 billion. However, Davidson warned that excessive regulation could stifle innovation and lead to investments flowing overseas. The proposed study aims to help regulators understand the benefits of DeFi, such as the operational resilience of blockchain, market competition, and user privacy protection. Davidson stressed that regulators need to "take a cautious approach" to ensure that DeFi can thrive without compromising user privacy or innovation.

ChainCatcher news, according to Bitcoin Magazine, Hong Kong legislators are following Trump's proposal for a strategic reserve of Bitcoin.

ChainCatcher news, according to The Block, legislators in Taiwan hope to propose a special law draft on crypto assets for a first reading before the end of November to prevent regulatory arbitrage in crypto.Taiwanese legislator Chiang Yong-chang stated that it is necessary to formulate a dedicated crypto asset law to regulate crypto companies, as the category of crypto assets differs from traditional financial products in many ways and should be governed by a separate special law.In addition, Chiang Yong-chang held a public hearing today in the Taiwanese parliament to discuss the draft proposal with virtual asset service providers, legal experts, and scholars.

ChainCatcher news, according to BlockTempo, Taiwan legislator Jiang Yongchang held a press conference yesterday, announcing that he will propose the first special law on virtual assets in Taiwan during this legislative session.The drafted bill includes 12 items, including:Virtual asset industry as a licensed industry, subject to tiered management;Virtual asset operators must join a guild and comply with the guild's self-regulatory norms;Virtual asset operators may issue virtual assets themselves or on behalf of others;Virtual asset operators may operate products, services, and financial products derived from virtual assets;Virtual asset operators must establish review procedures for listing and delisting virtual assets and trading rules;Regulations on the separation of virtual asset operators' and clients' assets;Regulations on contracts and advertising marketing between virtual asset operators and clients;Cybersecurity standards for virtual asset operators;Regulations on anti-money laundering and internal control systems for virtual asset operators;Virtual asset operators must comply with financial supervision by competent authorities and cooperate with inspections by competent authorities;Establish a virtual asset fund to ensure the protection of client rights;Prohibition of improper trading practices in virtual assets.

ChainCatcher news, according to News 1, the National Assembly of South Korea passed two bills this afternoon requiring legislators and senior public officials to register their virtual assets, namely the "National Assembly Law Amendment" and the "Public Officials Ethics Law Amendment." Members of the 22nd National Assembly will be required to register their holdings of cryptocurrencies in property matters, and members of the 21st National Assembly must register the amount and changes in their cryptocurrency holdings obtained and held from the start of their term until May 21 of this year by the end of June. (source link)