Coinbase achieved a significant legal victory as a U.S. District Court granted its motion for an interlocutory appeal against the SEC, halting the lawsuit while the case is reviewed by the Second Circuit. This decision aims to clarify whether digital asset transactions are subject to securities laws, a point of contention also seen in the Ripple case. The crypto community, including legal experts and industry leaders, celebrated the ruling as a pivotal moment for the ecosystem.
The crypto industry is urging Congress to overturn new IRS regulations classifying several decentralized finance (DeFi) protocols as brokers, which require Know Your Customer disclosures. Critics argue the rules overreach and threaten the US crypto sector, with calls for action under the Congressional Review Act. Advocacy groups warn this move could push the industry offshore, while the IRS estimates the regulations will impact 2.6 million taxpayers.
The US Treasury and IRS have finalized broker rules for digital asset service providers, mandating DeFi protocols to implement Know-Your-Customer (KYC) procedures by 2027. Critics argue the regulations are unlawful and beyond the Treasury's authority, with potential lawsuits anticipated. The rules require extensive reporting on digital asset transactions, including NFTs and stablecoins, while offering temporary relief from penalties for good faith compliance efforts.
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