Key Takeaway:
– U.S. District Court Judge Amy Berman Jackson allows SEC’s lawsuit against Binance to proceed
– Binance accused of offering unregistered broker, trading, and clearing services for digital asset securities in the U.S.
– Court upholds charges related to Binance’s ICO, BNB sales, BNB Vault, staking services, and allegations of fraud
– SEC’s approach to crypto regulation criticized by Judge Jackson
SEC Lawsuit Progresses Against Binance
U.S. District Court Judge Amy Berman Jackson has given the green light for the Securities and Exchange Commission (SEC) lawsuit against Binance to move forward, accusing the exchange of providing unregistered broker, trading, and clearing services for digital asset securities in the U.S.
Treasury Department’s Crypto Tax Reporting Regulations
The U.S. Treasury Department has finalized long-awaited tax regulations for cryptocurrency transactions, requiring crypto brokers to report users’ sales and exchanges of digital assets to the Internal Revenue Service (IRS) in an effort to combat tax evasion in the crypto space. The regulations are set to phase in starting next year for the 2026 tax season, aligning crypto tax reporting with existing requirements for traditional financial instruments.
Supreme Court Ruling Impacts Regulatory Powers
The Supreme Court’s landmark ruling curtails the executive branch’s authority to interpret laws, affecting federal agencies’ regulatory powers, including those related to crypto. This decision overturns the “Chevron deference” doctrine, giving courts more oversight over agency actions, leading to increased judicial scrutiny in various policy domains, including the crypto industry.
