A United States district court has penalized the Securities and Exchange Commission (SEC) for its “dishonest” conduct in the lawsuit against Debt Box. Initially, the SEC attempted to dismiss the case without prejudice, but Judge Robert Shelby rejected this motion and criticized the regulator for deliberately lying to the court about evidence it had obtained to freeze Debt Box’s assets in August 2023. According to Shelby, the evidence presented by the SEC was baseless and intentionally misleading.
In a separate development, various advocacy groups have submitted amicus briefs supporting Coinbase’s appeal, urging the SEC to establish clear regulations for the cryptocurrency industry. The Crypto Council for Innovation, the Satoshi Action Fund, the Texas Blockchain Council, Paradigm, Lejilex, and the U.S. Chamber of Commerce all argued that the lack of clear guidelines in the United States would drive companies to relocate overseas.
Despite these concerns, the SEC has requested an additional $158 million from Congress for the 2025 fiscal year to address the growth and changes in the markets, particularly in the cryptocurrency sector. The SEC’s Congressional Budget Justification document outlines its budgetary needs, requesting over $2.5 billion for 2025, an increase from the $2.4 billion requested in 2024. Additionally, the SEC has reportedly issued subpoenas to U.S.-based companies related to the classification of Ether (ETH) as a security, specifically requesting documents and financial records involving the Ethereum Foundation.
The International Monetary Fund (IMF) has urged the Federal Board of Revenue (FBR) in Pakistan to impose capital gains tax on cryptocurrency investments as a requirement for receiving $3 billion in bailout funds. The IMF’s recommendation aims to collect annual taxes on capital gains from real estate assets, regardless of whether the owner sells or retains the property. The new tax rules would also enforce stricter tracking and reporting requirements for property developers, with significant fines for noncompliance.
In Nigeria, a High Court has ordered Binance Holdings to disclose comprehensive data and information about Nigerian traders on its platform to the Economic and Financial Crimes Commission. The court motion argued that Binance’s activities in Nigeria involve criminal elements. The Nigerian government has also initiated criminal proceedings against the exchange for tax evasion. Meanwhile, a Binance executive, Nadeem Anjarwalla, reportedly evaded detention using a fake passport, while he and his colleague, Tigran Gambaryan, have been held in a guest house in Abuja for several weeks.
The Australian Securities and Investments Commission (ASIC) is developing “outcome-based” regulatory policies for the crypto sector. ASIC Commissioner Alan Kirkland outlined the body’s strategy to promote responsible financial innovation during Blockchain APAC’s Policy Week. Kirkland emphasized the need to address the regulatory challenges surrounding consumer protection, market integrity, and financial innovation. The ASIC aims to enhance oversight and build trust in cryptocurrencies and decentralized financial systems, having provided informal regulatory assistance to over 900 entities since 2016.