● US lawmakers urge the IRS and Treasury to quickly develop crypto tax rules
U.S. Reps. Brad Sherman and Stephen Lynch said that "for years, the cryptocurrency industry has been a major source of tax evasion and a significant part of the nation's tax gap," and the U.S. Treasury Department and the Internal Revenue Service (IRS) should immediately release planned crypto tax rules so that the industry can fully comply. Brad Sherman and Stephen Lynch noted that while the White House may have completed its review of the controversial tax reporting requirements for cryptocurrency brokers in the 2021 infrastructure bill in February, the administration has not yet released proposed regulations. At issue is the broad definition of "broker," which could apply reporting requirements to miners and crypto wallet providers who are unable to comply with the rules. (CoinDesk)
● The U.S. House Financial Services Committee will hold a hearing on June 14 to provide clarity on crypto regulation
The U.S. House of Representatives Financial Services Committee announced that it will hold a hearing on the theme of "The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem" at 14:00 local time on June 13. (Planet Daily)
● a16z policy director: SEC should work with crypto industry participants to provide clarity, law enforcement regulation may stifle innovation
Brian Quintenz, policy director at a16z, tweeted that the SEC's current actions continue an irresponsible pattern of law enforcement and regulation that hurts entrepreneurs, investors, and consumers, while potentially stifling innovation and forcing responsible companies to leave the United States. Brian Quintenz said that Coinbase has been a responsible participant in the industry for more than a decade and has helped open Web3 in the United States. As a public company, it has tried many times to register with the SEC and has long called for common-sense regulation, but regulators have not responded. Enforcement actions cannot replace guidance. It is inappropriate to litigate whether a particular token is a security through enforcement actions against third parties (such as these exchanges) and does little to protect consumers or provide clarity to the market. The SEC should work with market participants to keep the rules up to date and clarify their application, which would be a responsible approach consistent with their stated mission. Brian Quintenz pointed out that blockchain technology and Web3 have the potential to democratize a variety of industries. But for this innovation to happen in the United States, the government must provide rules to follow, not just litigation. Brian Quintenz added that it has been four years since the SEC last issued meaningful crypto-related guidance. Ironically, today’s action comes on the heels of a proposal in Congress that would provide clear rules – protecting Americans and rooting out bad actors in the industry. The SEC should be working with Congress and responsible U.S. cryptocurrency companies to provide clarity, not add to the confusion.
● Forbes released the top 10 private fintech companies in the United States in 2023: Ripple, OpenSea and other 4 crypto companies were selected
Forbes released the top 10 list of private fintech companies in the United States in 2023, including 4 cryptocurrency companies: Ripple (valued at approximately US$15 billion, ranked 3rd), Blockchain.com (valued at approximately US$14 billion, ranked 4th), OpenSea (valued at approximately US$13.3 billion, ranked 6th), and Alchemy (valued at approximately US$10.2 billion, ranked 10th). (Planet Daily)
● Viewpoint: BTC price may rise by 11% in the next 30 days and reach $30,000
Crypto analyst Phyrex tweeted that the BTC turmoil caused by the US SEC's lawsuit against major cryptocurrency exchanges may be a harbinger of BTC's short-term gains. BTC fell more than 5% on Monday and then rebounded more than 5% on Tuesday; according to data compiled by Bloomberg, similar continuous saw-saw fluctuations of at least 5% have occurred five times in the past two years, indicating an average increase of nearly 11% in the following 30 days. "According to historical data, as long as the SEC sues and causes BTC to fluctuate by 5% or more in a row, the price of BTC tends to rebound by 11% in the next 30 days. At the current price, the price of BTC could reach $30,000 before the beginning of July."
● Hong Kong Legislative Council Member: Will not set higher bank account opening thresholds just for virtual asset platforms
Wu Jiezhuang, a member of the Hong Kong Legislative Council, said in an interview that in response to the problem of "difficulty in opening an account", the Hong Kong Monetary Authority and the Securities and Futures Commission convened 20 banks and about 20 virtual asset participants for a meeting to discuss the issue. The meeting made it clear that Hong Kong is consistent with banks and all enterprises, and will not set higher thresholds for virtual asset platforms alone. In addition, according to Wu Jiezhuang's estimation, Hong Kong's Web3 industry is at least short of 50,000 to 100,000 people. After all, it hopes to incubate 1,000 companies in the next three years. According to the scale of recruiting dozens of people for each company, there is a gap of tens of thousands of people. He also pointed out that Hong Kong's policies are relatively open, and it is still very free to develop Web3 in Hong Kong. If there is a plan to make games and issue tokens, there is no problem in Hong Kong. The key is whether the form of token issuance involves securities or futures components. If this part is involved, it will be regulated. Hong Kong's regulatory licenses are mainly divided into two parts. The first is for exchanges. In Hong Kong, automatic matching transactions have been operating in compliance since June 1, and a license is required; in addition, it involves virtual asset asset management, which requires a license. In addition to these two parts, Hong Kong has not said that it will clearly regulate other Web3 businesses. (Chain Catcher)
● Luxembourg Antitrust Authority launches competition market research on blockchain and Web3 technologies
Luxembourg’s antitrust authority will launch a competition market study on blockchain technology, which could be its first exploration of Web3 economics, according to an announcement on Tuesday. “Given the strong potential of the sector, it is important to ensure that Web3 players can develop in an efficient and competitive market,” the regulator said in a statement. Competition market studies collect information from companies active in the sector about how a particular market works, and can serve as a basis for further enforcement actions against antitrust violations, such as abuse of a monopoly position. The regulator said the study will examine where and how new blockchain-based companies compete with existing Web2 internet companies and document potential anticompetitive practices implemented against Web3 projects. Thibaut Schrepel, an associate professor at the University of Amsterdam who will help with the investigation as an outside expert, said the project could break new ground: “To my knowledge, this is the first market study conducted by a regulator whose goal is to protect Web3, not to attack it.” (CoinDesk)
● Due to the pressure of interest rate hikes, the OECD expects global economic growth to only pick up moderately
The OECD released an economic outlook report, which predicted that the G20's inflation rate will drop from 7.8% last year to 6.1% this year and 4.7% in 2024, still far above the targets of many central banks. The Fed's benchmark interest rate is expected to peak at 5.25-5.5% soon, with two "mild" rate cuts in the second half of 2024. The OECD also said that global economic growth will only pick up modestly next year as the full impact of central bank rate hikes has already emerged, weakening the boost from falling inflation. (Jinshi)
