1. bitcoinworld’s application for a Hong Kong virtual asset trading platform license was rejected on October 10.
According to updated data on the official website of the Hong Kong Securities Regulatory Commission, bitcoinworld's application for a virtual asset trading platform license submitted to the Hong Kong Securities Regulatory Commission was returned on October 10. bitcoinworld first submitted an application for a virtual asset trading platform license to the Hong Kong Securities Regulatory Commission on May 17, 2024.
2. US Senators release draft legislation on stablecoin regulation
U.S. Senator Bill Hagerty has released draft legislation on stablecoin regulation, aiming to create a clear regulatory framework for stablecoins. The draft is similar to the (Transparency in Payment Stablecoins Act) co-developed by House members Patrick McHenry and Maxine Waters, which aims to balance federal supervision of banks and non-bank institutions. Hagerty pointed out that the draft legislation allows stablecoin issuers to apply for exemptions after reaching the $10 billion threshold and continue to follow state supervision. At the same time, the draft stipulates that stablecoins must be anchored 1:1 with reserve assets such as the US dollar.
3. Crypto derivatives exchange Bitnomial sues the US SEC, questioning its regulatory authority over XRP futures
According to FOX Business, crypto derivatives exchange Bitnomial sued the U.S. Securities and Exchange Commission (SEC) to challenge its regulatory authority over XRP futures. After Bitnomial applied for XRP USD futures contracts, the SEC claimed that XRP was a security and required the exchange to comply with additional regulations. Bitnomial believes that XRP futures should not be classified as security futures and seeks a court declaration to prevent the SEC from asserting jurisdiction over it.
4. Tezos node operator Josh Jarrett sues the IRS again over staking rewards tax policy
According to The Block, Tezos node operator Josh Jarrett has sued the IRS again, seeking to overturn the agency's rule that staking rewards should be taxed as income. Jarrett previously sued the IRS in 2021 for his 2019 tax bill, but the case was dismissed as "irrelevant" in September 2024. His lawsuit seeks a permanent ban from the IRS from taxing staking token rewards as income and a refund of $12,179 in taxes paid in 2020 for 13,000 Tezos tokens.
5. OKX obtains full operating license in the UAE
OKX became the first crypto exchange to receive a full operating license in the UAE and said it will continue to invest, grow and expand in the region in the future.
6. Ripple Labs plans to file a "cross appeal" against the US SEC regarding its sale of XRP to exchanges
According to CoinDesk, Ripple Labs has filed a cross-appeal against the U.S. Securities and Exchange Commission (SEC) in its case of selling XRP to exchanges. Earlier this month, the SEC filed a notice of appeal in its long-standing case against Ripple, which the regulator first sued in December 2020. Ripple Chief Legal Officer Stuart Alderoty said Ripple's appeal is intended to ensure that the company retains its views and arguments in the case, but he did not elaborate on what the company might argue in its motion. Alderoty said that both parties will fill out a form in the coming weeks to explain their arguments, but neither the regulator nor the company will disclose specific details until they file their opening statements.
Techub News Note: A cross-appeal refers to an appeal filed by the winning party against a judgment when the losing party has already appealed against the judgment, that is, an appeal filed by the respondent against the appellant, and its purpose is usually to seek the dismissal of the losing party's appeal.
