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Crypto Industry Faces Regulatory Shifts and Market Dynamics
In a jam-packed day of regulatory news and market response, the world of crypto is being turned upside down as U.S. regulators accelerate regulation, European banks struggle to keep up, and a controversial DeFi regulation is repealed.
SEC Concludes Crypto.com Investigation
The U.S. Securities and Exchange Commission (SEC) has formally concluded its inquiry into Crypto.com without taking any enforcement action. Crypto.com CEO Kris Marszalek made the announcement, citing difficulty in the course of the investigation, such as limited access to banking services, auditors, and investors. This comes as a turning point for the exchange, potentially re-gaining its users' confidence and stakeholders.
European Banks Fall Behind in Crypto Service Provision
A new survey conducted by crypto investment platform Bitpanda indicates a stark gulf between European banks and the building demand for cryptocurrency services. The survey, of 10,000 retail and business investors in 13 European nations, discovered that more than 40% of business investors already own cryptocurrencies, with a further 18% intending to invest in them soon.
In spite of this, a mere 19% of financially surveyed institutions provide crypto services, representing a 30% difference between perceived interest and actual investor adoption. This gap indicates that traditional banks risk becoming outdated as clients grow increasingly interested in crypto-based financial products.
Senate Moves to Repeal IRS DeFi Broker Rule
The U.S. Senate has voted 70-27 to overturn a regulation put in place by the previous administration that would have made decentralized finance (DeFi) platforms report specific customer transactions to the Internal Revenue Service (IRS). The critics felt that the compliance burden was too high and that DeFi platforms are not the same as conventional brokers.
The overturn is bipartisan and consistent with attempts to promote innovation in the crypto sector. The measure is expected to become law soon, potentially reducing federal revenue by $3.9 billion over the next decade and impacting strategies to combat tax evasion linked to digital assets.