As a seasoned analyst with over two decades of experience in the financial sector, I can confidently say that the SEC’s record-breaking penalties and fines in FY 2024 is a testament to their unwavering commitment to upholding regulatory standards. The significant settlement with Terraform Labs underscores the increasing scrutiny on the crypto industry, a space I’ve been closely monitoring since its inception.
In the financial year 2024, the U.S. Securities and Exchange Commission (SEC) set a new high for penalties and fines imposed through its regulatory actions, largely due to a significant settlement with cryptocurrency company Terraform Labs.
According to an annual report published on November 22nd, the agency announced that they’d amassed a record-breaking $8.2 billion in financial penalties by September 30th, marking the largest sum the regulatory body has ever collected.
Over half of the total amount was awarded as a result of the regulator’s successful lawsuit against Terraform and its ex-CEO, Do Kwon. This legal victory led to a settlement payment of approximately $4.47 billion from them.
Despite setting a new record of $4.47 billion in total settlements, if the SEC hadn’t secured the $4.47 billion settlement, their earnings for that year would have been $3.72 billion – the least they’ve collected since 2013.
Australia begins consultation on OECD crypto reporting framework
On November 21st, Australia’s Treasury Department made public their proposal for enacting the reporting system outlined in the Organization for Economic Co-operation and Development’s (OECD) Crypto Asset Reporting Framework (CARF).
The Organization for Economic Cooperation and Development (OECD) intends to establish common guidelines for gathering and reporting tax-related data on cryptocurrency transactions, as well as facilitating the exchange of this information between tax agencies.
You have two choices when it comes to implementing CARF. One is customizing an approach specifically for the Australian Taxation Office, and the other is incorporating the framework into the existing Australian tax legislation.
Shanghai judge says cryptocurrency is a commodity, legal to own
On November 20th, a judge from the Songjiang District People’s Court in Shanghai, China, published an article via their WeChat account, discussing the lawfulness of digital currency issuance within the nation.
In simpler terms, according to Judge Sun Jie’s piece, digital currency doesn’t have the same standing as traditional (fiat) currencies. Instead, it’s often classified as a type of virtual asset that possesses certain ownership qualities or properties.
Jie explained that while private individuals can legally possess digital currencies, businesses aren’t allowed to engage in transactions related to digital currency investments nor issue their own tokens independently.
Court prolongs Tornado Cash developer Pertsev’s pre-trial detention
The court has chosen to prolong the pretrial custody of Alexey Pertsev, who is a key figure in developing the cryptocurrency tumbling service known as Tornado Cash.
On November 21st, Pertsev voiced his discontent on a particular platform, affirming his commitment to persist in seeking justice, as he finds the court ruling has added substantial difficulty in preparing for the upcoming appeal.
A group of representatives from the U.S. Democratic Party have asked for explanations from the Treasury Department as to why Tornado Cash services remain operational following their sanctioning in 2022.
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2024-11-25 22:12