A United States district court has penalized the Securities and Exchange Commission (SEC) for its “bad faith” behavior in the lawsuit against Debt Box. Initially, the SEC tried to dismiss the case, but Judge Robert Shelby denied the motion and criticized the regulator for lying to the court about the evidence it had obtained to freeze Debt Box’s assets. Judge Shelby stated that the SEC’s evidence was baseless and intentionally misleading.
In support of Coinbase’s appeal, several advocacy groups, including the Crypto Council for Innovation, the Satoshi Action Fund, the Texas Blockchain Council, Paradigm, Lejilex, and the U.S. Chamber of Commerce, have filed amicus briefs urging the SEC to establish clear regulations for the crypto industry. These groups argue that without clear guidelines, companies may choose to leave the country.
Despite these calls for clarity, the SEC has requested an additional $158 million from Congress to address the growth and changes in the crypto markets. The SEC’s budget request for 2025 is over $2.5 billion, up from the $2.4 billion it requested for 2024. The commission has also issued subpoenas to companies regarding the classification of Ether (ETH) as a security.
In Pakistan, the International Monetary Fund (IMF) has requested the Federal Board of Revenue (FBR) to impose capital gains tax on cryptocurrency investments as a condition for receiving $3 billion in bailout funds. The IMF’s recommendation aims to collect yearly taxes on capital gains from real estate assets, regardless of whether the property is sold or retained.
In Nigeria, a High Court has ordered Binance Holdings to provide comprehensive data and information on Nigerian traders to the Economic and Financial Crimes Commission due to concerns of criminal activities. The Nigerian government has also initiated criminal proceedings against Binance for tax evasion. Furthermore, a Binance executive has reportedly used a fake passport to escape detention.
In Australia, the Australian Securities and Investments Commission (ASIC) is working on developing “outcome-based” regulatory policies for the crypto sector. ASIC Commissioner Alan Kirkland discussed the need to balance consumer protection, market integrity, and financial innovation. The ASIC aims to build trust in crypto and decentralized financial systems through improved oversight.