Regulation
This page lists the latest Regulation news and market analysis. Browse articles, expert insights, and updates in this category on JrKripto. Stay informed with in-depth coverage of cryptocurrency trends and developments.
News
Regulation News
Regulation News
Browse all Regulation related articles and news. The latest news, analysis, and insights on Regulation.
US Senate Puts Brakes on CBDC: Digital Dollar Could Be Banned by 2030
One of the notable developments regarding cryptocurrency regulations in the US took place in the Senate this week. The US Senate passed a regulation aimed at temporarily banning the creation of central bank digital currencies (CBDCs). This amendment was added to the housing-focused bill called the "21st Century Road to Housing Act" and passed the Senate. In the vote held on March 12, the amendment containing the CBDC ban was approved with strong bipartisan support, with a vote of 89 to 10. This result represents the most advanced stage of anti-CBDC initiatives in the US Congress to date. However, for the bill to become law, it also needs to pass the House of Representatives, and this stage of the process seems more uncertain.CBDC debates are high on the political agenda in the USIf the regulation passed by the Senate comes into effect, the US Federal Reserve (Fed) will be prohibited from directly issuing a CBDC or similar digital dollar until 2030. Initially, some senators advocated for a stricter approach, demanding a permanent ban. However, Senator Ted Cruz's proposal to completely and indefinitely ban CBDC did not receive sufficient support.Therefore, the current regulation is a temporary ban and is designed to be valid until 2030.The main concern of CBDC opponents is that a digital currency issued by the state could allow for the direct tracking of individuals' financial transactions. Critics argue that such a system could give the government unprecedented visibility and potential control over citizens' spending.On the other hand, some economic circles and policymakers who support CBDC research state that the Fed is not close to issuing such a currency in the short term. According to this group, completely blocking CBDC research could eliminate options that may be needed in the future to maintain the dollar's position as a global reserve currency. House of Representatives process uncertainAlthough the bill has passed the Senate, the process in the House of Representatives is expected to be more complicated. The most important reason for this is that the CBDC ban is not a direct regulation of cryptocurrencies, but is included in a broad package of legislation aimed at housing policies. It is stated that some members of the House of Representatives may oppose crypto provisions that are not directly related to housing regulations. In addition, the ongoing separate discussions in the House regarding digital asset regulations may make it even more difficult for the CBDC issue to proceed through this legislative package. Therefore, it is not yet clear whether the House leadership will put the bill to a vote and with what amendments it will be brought to the agenda.SEC adopts a narrower approach for tokenized securitiesAnother important development regarding crypto regulations in the US came from the US Securities and Exchange Commission (SEC). According to the statements of Commissioner Hester Peirce, the institution has backed down from the broad innovation exemption plan previously considered for tokenized securities.The SEC had previously discussed offering a broad exemption by considering tokenized securities as a "testing ground". However, due to the reactions, the institution is now working on a narrower approach.Under the new plan, SEC staff are working on a narrower innovation exemption that would allow certain tokenized securities to be traded on a limited scale. This approach represents significantly more limited regulation compared to the broad exemption discussed previously. Criticism has been primarily from traditional financial institutions. Large market players, particularly Citadel Securities, have argued that DeFi platforms should be subject to all regulatory obligations like traditional brokerage firms when trading tokenized securities.Expectations for the CLARITY Act are decliningAnother important regulation for the crypto market in the US, the CLARITY Act, has seen expectations decline in recent days.According to Polymarket data, the probability of this market structure regulation being enacted this year has fallen from 78% to 56%. This 22% drop in just two weeks indicates that political tensions in Washington are complicating the crypto regulatory process. Disagreements between the White House and the banking sector regarding stablecoin yields are cited as a major factor in this decline in expectations. Furthermore, Senate Majority Leader John Thune's statement that the bill might not move forward before April also weakened market expectations.
SEC and CFTC Join Forces for Crypto Regulation
A significant development closely affecting the cryptocurrency market has occurred in the US. The US Securities and Exchange Commission (SEC) and the Commodity Futures Commission (CFTC), two of the country's largest financial regulatory bodies, have signed a formal cooperation agreement to act more coordinately in financial markets, particularly regarding digital assets. In a statement released on March 11th, the institutions announced that they had reached an agreement on a Memorandum of Understanding (MOU). This agreement aims to strengthen coordination between the two institutions and develop a common approach, particularly regarding cryptocurrency regulation and new digital finance products. According to the SEC and CFTC, this step could be a critical turning point in both supporting innovation and strengthening investor protection and integrity in the markets. A New Era in Crypto RegulationAccording to the statements, the signed MOU will guide the two institutions in "strengthening coordination and cooperation to support regulatory innovation, protect market integrity, and ensure the safety of investors and customers." Creating a “purpose-built” federal regulatory framework, particularly for crypto assets and emerging financial technologies, stands out as one of the agreement’s key priorities.For many years, there have been disagreements between the SEC and the CFTC regarding the classification of digital assets. While the SEC tended to consider many tokens as securities, the CFTC argued that some digital assets fell into the commodity category. This differing approach led to regulatory uncertainty in the crypto sector, causing many large investors to approach the market cautiously.The new agreement is expected to reduce such disagreements and create a more harmonious regulatory process between the two institutions. Planned steps include establishing close coordination to remove obstacles to the legal introduction of crypto products to the market. “Regulatory disputes must end”SEC Chairman Paul Atkins stated that years of inter-agency competition have slowed innovation. According to Atkins, conflicting regulations and duplicating registration processes implemented by different institutions have led some companies to relocate their operations to countries outside the US. Atkins stated that the new agreement therefore represents a significant change, emphasizing that regulatory bodies now need to work more harmoniously. According to him, as financial markets change rapidly, the regulatory framework also needs to be modernized at the same pace.CFTC Chairman Michael Selig expressed a similar view. Selig stated that US financial markets have a strong position on a global scale, but regulatory structures need to evolve in order to maintain this advantage.According to Selig, the signed Memorandum of Understanding demonstrates the commitment of the two institutions to harmonize regulatory frameworks and provide more holistic oversight of financial markets.Joint Harmonization InitiativeUnder the agreement, the SEC and CFTC also plan to launch a program called the "Joint Harmonization Initiative." This initiative aims to create clearer rules in digital asset markets. The program envisages working on the following topics:Clarifying the definitions of digital asset productsUpdating collateral, clearing, and margin regulationsReducing the regulatory burden for exchanges and brokerage firms registered with both institutionsSimplifying transaction data and reporting processesEnsuring coordination in market surveillance, risk monitoring, and enforcement processesIt was stated that Robert Teply and Meghan Tente will manage the coordination between the two institutions in this process.
CFTC Chairman: The US is Now the Crypto Capital of the World
Statements suggesting a new era in regulatory approaches to cryptocurrency markets in the US have emerged. On Monday, Michael Selig, Chairman of the US Commodity Futures Trading Commission (CFTC), stated that the country has become the "crypto capital of the world." Selig's speech revealed that a comprehensive regulatory framework aimed at bringing clearer rules to digital asset markets is in the preparation stage.Speaking at the annual industry conference of the US Futures Association (FIA), Selig emphasized that crypto assets are becoming an increasingly important part of the financial system. According to him, blockchain technologies, smart contracts, and digital assets are not only creating a new investment class but also reshaping financial processes such as the trading, exchange, and collateralization of commodity price risk.Selig stated that financial markets are becoming increasingly digital, and this transformation is bringing about a new wave of innovation. He noted that AI-powered trading systems can execute orders at speeds and volumes far beyond human capacity, and that these technological advancements are leading to fundamental changes in financial markets. New Classification System for Crypto Assets UnderwayThe CFTC Chairman announced that the institution is working on a new crypto asset classification system to create a clearer regulatory framework for crypto markets. This classification aims to more clearly determine which regulatory body's jurisdiction products in the market fall under.Thanks to the prepared taxonomy, it will be clearer whether a crypto asset falls under the supervision of the CFTC or the US Securities and Exchange Commission (SEC). It is also stated that some assets may fall under the joint jurisdiction of both institutions.According to Selig, such a harmonization initiative could eliminate a significant uncertainty for entrepreneurs and companies operating in the crypto sector. The creation of clearer rules is seen as an important step that could encourage the sector's growth within the US. “Project Crypto” Initiative LaunchedSelig also announced a new initiative aimed at ending the long-standing jurisdictional disputes between the CFTC and the SEC. This work, called the “Project Crypto Initiative,” aims to increase coordination between the two institutions and develop a common regulatory framework. This initiative aims to create more consistent and predictable regulations for the crypto asset market. Selig stated that past disagreements between institutions created uncertainty in the sector, but that cooperation will be increased in the new era.A guide will be prepared for DeFi developersAnother issue highlighted by the CFTC Chairman was decentralized finance (DeFi) applications and software developers. Selig announced that he instructed CFTC personnel to prepare a special guide for developers of software systems that do not offer custody services.This will clarify under what circumstances software developers who develop digital wallets or DeFi applications need to register with an intermediary institution. This step aims to resolve a significant legal uncertainty that has long been debated in the crypto sector.Leveraged transactions and crypto perpetual contracts are being examinedAccording to Selig's statements, the CFTC is also re-evaluating the rules regarding leveraged crypto transactions for individual investors. The institution plans to create clearer standards on when the "actual delivery" exception can be applied. In addition, the classification of perpetual futures contracts, which are quite popular in crypto markets, is also on the agenda. The CFTC has begun examining how these products will be regulated within the framework of existing commodity derivatives.New regulations are also on the agenda for prediction marketsSelig also touched upon prediction markets in his speech. Stating that the CFTC will use its authority in this area more strongly, Selig said that a new guide will be prepared on how event contracts will be listed and traded.It was also stated that the institution will initiate a new regulatory process to obtain opinions from industry stakeholders on issues affecting prediction markets.According to Selig, the combination of blockchain technology with prediction markets can create a new trust mechanism against misinformation and disinformation. Therefore, the institution considers this area as one of the future financial innovations.
US Treasury Department Issues Noteworthy Report on Crypto "Mixers"
A new report submitted to Congress by the U.S. Treasury Department indicates a notable shift in approach regarding cryptocurrency mixing services, a long-standing topic of debate in the cryptocurrency sector. The 32-page report states that crypto mixers are not solely associated with illicit activities and can, in some cases, be used for legitimate purposes, such as protecting financial privacy. This assessment is seen as a significant change in policy tone following the U.S. administration's decision to sanction Tornado Cash in 2022. The Treasury Department had previously characterized some mixing services as hubs used for money laundering. The report emphasizes that because blockchain technology inherently allows all transactions to be publicly accessible, users may occasionally need financial privacy. Individuals may utilize mixing services to protect sensitive information about their assets, keep details of business payments confidential, or conduct charitable donations anonymously. However, the Treasury Department also explicitly states that the use of these tools for illicit activities remains a serious concern. According to the report, North Korea-linked cybercrime groups stole at least $2.8 billion worth of digital assets between January 2024 and September 2025. One of the largest attacks during this period was the Bybit hack, which involved approximately $1.5 billion. The report states that mixing services were used as a crucial part of multi-stage transaction chains in the laundering of the stolen funds.Money Laundering Traffic via Stablecoins and BridgesAnother noteworthy section of the report concerns data on money laundering activities carried out through stablecoins and blockchain bridges. According to the Treasury Department's analysis, of the total withdrawals from more than 50 blockchain bridges since May 2020, $37.4 billion was conducted in the two most valuable stablecoins by market capitalization.During the same period, approximately $1.6 billion inflows were detected from mixing services to bridges. It was stated that more than $900 million of this amount was concentrated in a single bridge under investigation due to North Korea-linked laundering activities. The report also notes that the rate at which stablecoins are directly deposited into mixers in illicit activities is relatively low. However, it emphasizes that criminal actors often first pass different crypto assets through mixers and then convert them into stablecoins, thus making it more difficult to trace the transactions.Distinction between Custodial and Non-Custodial MixersThe Treasury Department report divides mixing services into two different categories: custodial and non-custodial services. Custodial mixers, which provide custody services, are required to register with FinCEN in the US as a Money Service Operator (MSB).According to the report, if these platforms comply with regulations, they can provide important information regarding customer credentials, off-chain transaction data, and user behavior. Therefore, it is considered that compliant custodial services can play a certain role in combating financial crime.On the other hand, the report does not propose new restrictions for non-custodial, or decentralized, mixers. Instead, it states that policymakers need to strike a balance between financial crime risks and user privacy. Call for New Legislation from CongressThe report also includes some important regulatory proposals for the US Congress. One of these is the creation of a "hold law" that would allow for the temporary freezing of suspicious digital asset transactions. According to the Treasury Department, such a regulation could be particularly effective in combating illicit financial activities associated with stablecoins used for payment purposes. In addition, it was emphasized that it is necessary to clearly define which actors in the DeFi ecosystem should be subject to anti-money laundering and anti-terrorist financing (AML/CFT) obligations. The report also proposes adding a new "sixth special measure" to Section 311 of the US Patriot Act, paving the way for imposing additional conditions on certain digital asset transfers.A New Era in the Crypto Privacy DebateThe Treasury Department's report was published at a time when the US approach to crypto privacy is at a critical juncture. In 2025, a federal appeals court ruled that the Tornado Cash sanctions exceeded their authority, after which the Treasury Department lifted the sanctions. On the other hand, Roman Storm, one of the founders of Tornado Cash, was found guilty in 2025 of operating an unlicensed money transfer service. The US Department of Justice later stated that merely writing code and developing software without malicious activity should not be subject to criminal prosecution.
SEC and CFTC Present New Documents Regarding Crypto
New steps have been taken in the US to clarify the legal framework for cryptocurrency markets. The US Securities and Exchange Commission (SEC) has prepared and submitted to the White House interpretive guidance on how crypto assets can be assessed under existing securities laws. At the same time, the US Commodity Futures Trading Commission (CFTC) also initiated a new regulatory process regarding prediction markets.SEC's Interpretive Guidance for Crypto AssetsThe document prepared by the SEC and submitted to the White House is titled "Commission Commentary on the Application of Federal Securities Laws to Certain Types of Crypto Assets and Transactions Related to Those Assets." Submitted on March 3rd, this guidance is currently in the pre-regulatory review phase and undergoing interagency review. While the White House Office of Information and Regulatory Affairs (OIRA) has shared limited information about the interpretive guidance, according to Bloomberg, the work centers around a framework known as "token classification." This framework aims to determine under what conditions crypto assets will be considered securities and under what circumstances they may fall into a different category.Such a classification system could directly impact many critical issues, such as how crypto companies register with regulators, what disclosure obligations they must fulfill, and how they interact with investors. It also aims to provide clearer answers to the long-debated question in the sector: "Which assets fall under the SEC's jurisdiction?"It is accepted that such interpretive guidance prepared at the commission level has a stronger enforcement effect compared to opinions published by agency personnel. However, formal voting by commission members is generally not required for such documents.Emphasis on regulation from the SEC ChairmanSEC Chairman Paul Atkins has listed digital asset regulations among the agency's priorities since the beginning of his term. In previous statements, Atkins stated that the ideal solution for crypto markets would be a comprehensive law to be prepared by Congress. However, he also stated that if the necessary regulation is not enacted, the SEC can take action within its own powers.A comprehensive "market structure" law for crypto markets was planned to be prepared in the US. However, this bill failed to make progress in the Senate during the year. One of the biggest obstacles to the bill was the disagreement between the banking sector and crypto companies, particularly regarding the return models offered by stablecoins.It is also known that the White House has recently been trying to resolve these differences by bringing together representatives from the banking and crypto sectors.CFTC Focuses on Prediction MarketsOn the other hand, financial regulatory bodies in the US are also turning to new areas that are not limited to crypto assets. The CFTC has submitted a regulatory study on prediction markets to OIRA.This step also parallels the speech given by CFTC Chairman Michael Selig at the Future of Finance event organized by the Milken Institute. Selig announced that the institution will soon launch a comprehensive regulatory process for prediction markets.According to Selig, the CFTC aims to clearly define which products can be self-certified in the market and which should be subject to stricter scrutiny. The institution also plans to create standards on how different products offered in prediction markets will be evaluated. A significant reason for this regulatory initiative is the differences in interpretation at the federal and state levels. Prediction markets, which offer contracts based on events such as sporting events, are considered under gambling laws in some states. Platforms like Kalshi and Polymarket have therefore faced sanctions and legal proceedings in various states. The CFTC aims to reduce these uncertainties and bring clearer rules to the market with the new regulation. Selig stated that the agency will publish new guidance very soon and that the industry should closely follow these developments.
New Framework for Crypto in Turkiye: Transaction Tax Clarified, Access Blocked to 46 Platforms
Following days of debate in Türkiye regarding tax regulations for cryptocurrency transactions, a significant development has occurred. According to a statement by AK Party Deputy Chairman Ömer İleri, the 10% capital gains tax on cryptocurrency transactions will not be applied. Under the new regulation, only a transaction tax of 0.03% will be levied on transactions conducted on platforms subject to the supervision of the Capital Markets Board (SPK). This development significantly clarifies the uncertainties surrounding the tax model, which has been intensely debated, particularly among cryptocurrency investors. Previously leaked draft text envisioned both a transaction tax and a 10% withholding tax on capital gains. However, recent announcements reveal that this second tax has been excluded from the regulation.Only transaction tax will be appliedIn a statement made on social media platform X in the evening, Ömer İleri announced that the articles concerning cryptocurrencies in the bill discussed in the Grand National Assembly's Planning and Budget Committee had been accepted. According to İleri, a transaction tax of 0.03% will be levied on purchase, sale, and transfer transactions conducted on platforms subject to SPK regulation. İleri emphasized that the tax in question will be the final tax and that no additional tax will be applied. It was also stated that crypto transactions will be exempt from Value Added Tax (VAT).In this context, investors who conduct transactions through platforms operating in Türkiye and authorized by the Capital Markets Board (SPK) are expected to be subject only to transaction tax. Thus, no additional withholding tax or income tax will be deducted from investors' earnings.Which platforms are subject to SPK?One of the most frequently asked questions by investors after the new regulation was which platforms are subject to SPK supervision. This is because the tax regulation only covers transactions conducted through these platforms.According to the "List of Operators" on the SPK's official website, the platforms operating in Türkiye and subject to regulation include companies such as Binance TR, BtcTurk, Paribu, OKX TR, Bybit TR. The list covers a total of 58 different companies. The full list is as follows: The only tax that will be applied to investors in transactions carried out on these platforms will be a transaction tax of 0.003%. In other words, no additional tax will be deducted from the earnings.Different application for foreign platformsAnother point that stands out within the scope of the regulation is the situation of cryptocurrency platforms based abroad. According to the explanations, transactions made on platforms that are not subject to the supervision of the Capital Markets Board (SPK) are outside this scope.Therefore, investors using platforms that are not officially registered in Türkiye, such as Binance Global, may need to declare their earnings with an annual income tax return. These incomes will be evaluated under the general income tax provisions.SPK blocks access to unauthorized platformsOn the other hand, the Capital Markets Board continues to take steps to increase investor security. The institution announced that it has initiated the process of blocking access to 46 internet sites that were determined to be enabling investors residing in Türkiye to conduct leveraged trading and crypto asset trading without authorization over the internet. In accordance with the decision taken under Article 99 of the Capital Markets Law, legal proceedings have been initiated against the websites in question. The Board emphasized that inspections will continue against platforms operating without permission to prevent investors from suffering losses.
Crypto Tension in the US: Trump Targets Banks
Regulations expected to fundamentally reshape the cryptocurrency market in the US are struggling to progress due to tensions between the banking sector and the crypto industry. US President Donald Trump directly intervened in the debate, harshly criticizing banks and calling on Congress to quickly pass legislation regulating the crypto market structure. In a post on the Truth Social platform, Trump specifically highlighted the debate surrounding stablecoin yields. Arguing that banks are delaying crypto legislation, Trump stated, “The US must complete market structure regulation as soon as possible. Americans should be able to get more out of their money.” The President also emphasized that banks are making record profits and said he would not allow delays in regulations for the crypto sector. According to Trump, this delay could weaken the US's competitiveness in the crypto space and lead to the sector shifting to other countries like China.GENIUS Act and CLARITY Act at the center of the debateCrypto regulations in the US are shaped around two important bills. The first, the GENIUS Act, aims to create a regulatory roadmap for stablecoin companies. This law, passed by Congress, aims to make the stablecoin market more transparent and regulated. However, the law prohibits stablecoin companies from directly paying interest or returns to users. On the other hand, third-party platforms such as crypto exchanges can offer returns to stablecoin holders. This is where the banking sector comes in.Banking lobbies argue that this creates a "legal loophole." According to banks, stablecoins providing returns could cause deposits to shift from the traditional banking system to crypto platforms. Therefore, banks are demanding that stablecoin returns be completely banned in the broader crypto market structure law being discussed in the Senate.The crypto sector opposes this proposal. Sector representatives argue that stablecoin returns are an important part of the DeFi and digital finance ecosystem. They also believe that such a ban would slow down innovation and could leave the US behind in global competition.Trump: Banks shouldn't hold crypto laws hostageTrump reacted harshly to these demands from banks in a post on Truth Social. Arguing that banks are trying to weaken the GENIUS Act, Trump stated:“Banks should not be trying to undermine the GENIUS Act or hold the CLARITY Act hostage. They need to make a good deal with the crypto industry. This is in the best interest of the American people.”Trump’s message further fueled the debate in Washington. It is known that the issue of stablecoin yields has been stalling the progress of the crypto bill in the Senate. In January, the withdrawal of support for the bill by Coinbase, a major crypto company, further complicated the process.White House talks yield no resultsIn recent months, the White House has held several meetings bringing together the banking sector and crypto companies. The aim was to find common ground to move the bill forward. However, so far, no agreement has been reached between the parties.JPMorgan CEO Jamie Dimon also recently argued that stablecoin yields should be regulated similarly to banking regulations. According to Dimon, “level playing fields” need to be created in the financial system.On the other hand, some members of Congress believe the process could be accelerated. House Financial Services Committee Chair French Hill said that if the Senate fails to make progress on its own bill, it could directly address the CLARITY Act text passed by the House of Representatives. Republican Senator Cynthia Lummis also supported Trump's message, stating that Congress needs to act quickly. According to Lummis, regulations must be implemented without delay to maintain the US leadership in the crypto space.
Tax Regulation on Crypto Transactions in Turkiye: A New Framework is on the Agenda
A new bill, signed by AK Party MPs and submitted to the Turkish Grand National Assembly, aims to completely reshape the taxation regime for crypto assets. The bill introduces both a transaction-based tax and a withholding tax on gains from crypto assets. According to AA, the most striking aspect of the regulation is the introduction of a "crypto asset transaction tax." Accordingly, crypto asset sales and transfer transactions carried out or brokered by crypto asset service providers will be subject to a new tax. The taxable event will occur at the time of the sale or transfer of the crypto asset; the taxpayer will be the platforms themselves. A 0.0003% tax on crypto transactionsThe transaction tax will be calculated at a rate of 0.0003% of the market value at the time of sale or transfer. No deductions or expenses will be allowed from the tax base. The transaction tax for one month must be declared to the relevant tax office by the evening of the 15th day of the following month and paid within the same period. In practice, the definitions of crypto assets, wallets, and platforms will be based on the Capital Markets Law. The President will have the authority to reduce the determined rate to zero or increase it up to five times, separately or jointly, according to transaction types. The authority to determine the procedures and principles of the regulation will be given to the Ministry of Treasury and Finance. These provisions will enter into force at the beginning of the second month following the publication of the regulation in the Official Gazette. The proposal is not limited only to transaction tax. With the article titled "Taxation of Crypto Assets" to be added to the Income Tax Law, it is foreseen that a 10% tax withholding will be applied to the gains and income obtained from transactions carried out on platforms subject to the Capital Markets Law. This withholding will be applied by the platforms on a quarterly basis. Whether the investor is a real or legal person, whether they are a full or limited taxpayer, or whether they are exempt from tax will not change the withholding application. In cases where purchases of the same crypto asset are made on different dates and some are sold, the cost basis will be determined using the "first in, first out" method. Commissions paid during buying and selling, as well as transaction tax, will also be taken into account in calculating the withholding tax base. If multiple transactions are made for the same type of crypto asset within the withholding period, these transactions will be considered as a single transaction. Losses can be offset against the withholding tax base of subsequent periods, provided that the calendar year is not exceeded. In inter-platform transfers, the purchase price and purchase date information will be reported to the new platform; if the asset is transferred to a platform for the first time, the investor's declaration will be taken as the basis, provided that it is substantiated. Individuals will not be required to file separate annual or individual tax returns for income subject to withholding tax. These incomes will also not be included in the annual tax return filed for other incomes. However, income obtained within the scope of commercial activity will be evaluated according to the provisions of commercial income, and taxes paid through withholding can be offset against the tax calculated in the annual tax return. Declaration Obligation for Foreign PlatformsIncome from transactions conducted outside of platforms subject to the Capital Markets Law will be declared with the annual income tax return. Losses arising from crypto asset transactions can only be offset against gains from these assets.The proposal also includes provisions to include gains from the disposal of crypto assets within the scope of capital gains; and to consider gains from the sale of crypto assets included in a commercial enterprise as commercial income. On the other hand, with another amendment to the Income Tax Law, advertising and promotional expenses related to all kinds of games of chance and betting will not be accepted as deductible expenses in determining commercial income.The new regulation establishes a framework that will directly affect both transaction costs and tax compliance processes in the crypto ecosystem. The proposal is expected to be finalized and the legislative process completed after discussions in the parliamentary committees.
JPMorgan's Analysis of the Crypto Law: 8 Key Points
The CLARITY Act, expected to fundamentally transform cryptocurrency markets in the US, has once again become a hot topic in the industry. A recent JPMorgan report, along with statements from Ripple and Coinbase CEOs and predictions from leading analysts, suggests that this regulation, expected to be enacted by mid-year, could be a true turning point for crypto markets. So what exactly does the CLARITY Act bring?The CLARITY Act aims to create a comprehensive and consistent legal framework for digital assets. Its primary goal is to clearly define the boundaries of authority between the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission). Until now, crypto companies have had to operate in uncertainty, unsure which institution oversees which asset. This law promises to eliminate this gray area.JPMorgan analysts emphasize that if the law passes, the market structure will be fundamentally reshaped. The end of the "regulation through implementation" era, which has been criticized for many years, the encouragement of tokenization, and the opening of the way for more active participation of institutional investors in the sector will be the main pillars of this transformation. Sector leaders are confident the law will passRipple CEO Brad Garlinghouse puts the probability of Congress approving the law by April at between eighty and ninety percent. Coinbase CEO Brian Armstrong is similarly optimistic. US Senator Bernie Moreno stated that he hopes the law will pass by April at the latest. Billionaire investor Kevin O'Leary also stated that he believes the law will be approved, predicting that clear regulations could eventually take Bitcoin to $200,000.JPMorgan's eight positive catalystsJPMorgan analysts point to eight critical positive developments that will come into play if the law passes.Firstly, the issue of token classification will be clarified. Tokens will be separated as digital commodities or digital securities; ETF-linked assets such as XRP, Solana, Litecoin, Hedera, Dogecoin, and Chainlink will be subject to a lighter regulatory regime.Secondly, new projects will be given priority. Startups raising up to $75 million in funding annually will be able to benefit from a certain exemption period without full SEC registration. This regulation could keep innovations on US soil instead of them fleeing to the shore.Thirdly, a path will be opened for tokens to transition from securities to commodities. Projects deemed "sufficiently decentralized" will be able to trade on a broader secondary market.Fourthly, institutions like BNY Mellon and State Street will be able to directly hold crypto assets.Fifthly, the tokenization of real-world assets will accelerate.Sixthly, miners and software developers will be exempt from intermediary reporting obligations.Seventhly, tax exemptions will be granted for everyday crypto payments, and staking income will be netted. Eighth, regulations targeting stablecoins could redirect institutional interest towards tokenized deposits.Is Bitcoin targeting $150,000-$200,000?Standard Chartered predicts that Bitcoin could reach $150,000 in 2026, driven by rising ETF demand. In long-term forecasts, JPMorgan has set a target price of $266,000 for Bitcoin based on its volatility comparison with gold. Bitcoin is currently trading in the approximately $65,000-$66,500 range.
Hong Kong Presses the Button for Stablecoin
Hong Kong has announced notable steps in its 2026–27 budget to gain a competitive edge in the global cryptocurrency market. In his budget address on Wednesday, Finance Secretary Paul Chan announced that the first licenses for fiat-backed stablecoin issuers will be issued in March. He also stated that a new bill covering companies offering digital asset trading services and custodians will be submitted to the Legislative Council later this year. The Hong Kong government already has a licensing regime in place for stablecoin issuers. Chan said regulators will continue to support licensed entities in developing different use cases within a “compliant and risk-controlled” framework. The first licenses expected to be issued in March are anticipated to be limited in number.HKMA statements earlier this monthHKMA Chief Executive Eddie Yue also stated earlier this month that applications are being thoroughly reviewed in terms of use case, risk management, anti-money laundering (AML) controls, and asset collateral. This approach points to a strategy focused on building robust infrastructure and trust rather than rapid expansion.Another prominent item in the budget was increasing liquidity in the digital asset market. The Securities and Futures Commission (SFC) will take new steps to increase depth in the crypto asset market and strengthen price discovery. The SFC's plan to allow crypto margin financing and derivative products for professional investors is also part of this strategy. The institution has prioritized improving market quality, strengthening investor confidence, and expanding product innovation in a controlled manner.Tokenization is at the heart of Hong Kong's digital asset vision. Chan said that legal clarity will be increased regarding the recording of traditional financial instruments on the blockchain. In particular, guidance will be published on the ability to keep bondholder records on the blockchain. It was also stated that the use of electronic signatures in the issuance of tokenized bonds is being evaluated.A new digital asset platform will be established this year by CMU OmniClear Holdings under the HKMA. The platform will provide infrastructure for the issuance and exchange of tokenized bonds and will be expanded to other digital assets over time. It is planned to integrate with other tokenization systems in the region, supporting Hong Kong's goal of becoming a regional digital finance hub.The Hong Kong government conducted a third-party tokenized government bond issuance in the last quarter of 2025, selling a total of 10 billion Hong Kong dollars (approximately $1.28 billion). The administration announced that such issuances will become regular. This step represents a transition from pilot programs to a permanent market infrastructure.On the other hand, alignment with global standards will also be ensured on the tax side. Over the next two years, Hong Kong will amend its Income Tax Regulations to implement the OECD's Crypto Asset Reporting Framework (CARF) and the updated Common Reporting Standard. This will allow the city to comply with increasing international tax transparency rules for crypto assets.
Banks are Opening Their Doors to Crypto: FED Intervenes
The Federal Reserve (Fed), also known as the US central bank, has taken a critical step that could ease tensions between the cryptocurrency sector and traditional finance. The institution has launched a public consultation process for a formal proposal to permanently remove the concept of "reputational risk" from its bank supervision framework.The Fed's proposal aims to prevent banks from distancing themselves from legally operating customers solely on the grounds of "reputation." This change is seen as a significant turning point, especially for crypto companies that have argued they have experienced difficulties accessing banking services in recent years.60-day consultation period beginsThe proposal, announced on February 23, 2026, will allow for a 60-day public comment period before the regulation is finalized. Comments will be collected after publication in the Federal Register, and the final decision will be made in light of these evaluations.The Fed actually signaled this policy change in June 2025. In that statement, it was indicated that "reputational risk" would no longer be considered in supervisory programs. The step taken now aims to make this approach a binding regulation rather than a temporary guidance.According to the new framework, bank supervisions; It will be based on measurable financial criteria such as capital adequacy, liquidity, financial soundness, risk management, and compliance with existing laws. Public perception, political sensitivities, or social debates will not be part of the audit process.Bowman: Discrimination has no place in auditingFederal Vice Chair for Supervision Michelle W. Bowman made striking statements on the subject. Bowman said that they had heard disturbing examples of some auditors pressuring banks because of their clients' political views, religious beliefs, or because they operate in legal but controversial sectors, citing "reputational risk" concerns.According to Bowman, this kind of discrimination against legally operating individuals and institutions has no place in the Fed's audit framework. The primary purpose of auditing is to ensure financial stability; not to indirectly push certain sectors out of the system. "Operation Choke Point 2.0" debateCrypto sector representatives and some Republican politicians have been calling the practices of recent years "Operation Choke Point 2.0." This statement refers to claims that banks are being discouraged from working with digital asset companies.Senator Cynthia Lummis welcomed the Fed's proposal. Lummis stated that the Fed should not act as both judge and jury for digital asset companies, and that permanently removing "reputational risk" is important for the goal of making the US a global center in the digital asset space.US President Donald Trump had also previously promised to end the practices referred to as "Operation Choke Point 2.0." The political dimension of the discussions has made the issue of access to the banking system not only a financial but also a political agenda item.What does this mean for banks and crypto companies?If the proposal becomes law, banks may feel less apprehensive about facing regulatory pressure when working with crypto companies. This could allow crypto firms to more easily access basic banking services such as account opening, access to payment systems, payroll, and tax processing.Clearer rules could also pave the way for large financial institutions to take a more active role in areas such as digital asset custody, clearing, and ETF services. This could accelerate the integration between traditional finance and the crypto ecosystem. Consequently, the Fed's move to remove "reputational risk" from its supervisory framework is seen not merely as a technical regulatory change, but as a strategic move that could redefine the crypto sector's position within the financial system. The final decision, following a 60-day consultation period, will be crucial for both the banking sector and the digital asset market.
US Bank Approval Granted for Crypto Exchange: Official Process Begins
Cryptocurrency exchange Crypto.com has passed a significant hurdle in establishing a federally overseen national trust bank in the United States. The company announced it has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank license. This approval paves the way for the establishment of the entity, which will operate under the name “Foris Dax National Trust Bank” and be publicly known as “Crypto.com National Trust Bank.” However, this stage does not constitute final licensing. For full approval, the company must fully meet the operational and regulatory requirements set by the OCC. The new bank will operate as a limited-purpose national trust bank under federal oversight. It will not accept deposits or provide loans. Instead, it will offer digital asset custody, staking, and trade settlement services. These services will encompass multiple blockchains and protocols, including the company's own blockchain, Cronos. Meanwhile, the Cronos chain's CRO token doesn't seem particularly affected by the developments: Federal oversight for institutional clientsThis step is seen as a critical milestone in Crypto.com's strategy, particularly for institutional investors. The company already offers "qualified custody" through Crypto.com Custody Trust Company, regulated by the New Hampshire Banking Department. However, this structure is overseen at the state level.The OCC license will allow it to consolidate its operations under a single federal umbrella. This is particularly important for ETF issuers, asset management companies, and large financial institutions. Institutional players generally prefer custodians subject to national oversight. Federal oversight is considered the "gold standard" in terms of compliance and security standards.Crypto.com CEO Kris Marszalek stated that the conditional approval reflects the company's commitment to compliance. Marszalek added that this development significantly brings them closer to their goal of offering institutional clients "one-stop" custody services under federal oversight. The Process from Application to ApprovalCrypto.com applied for a national trust bank license in October 2025. The conditional approval received in February 2026 is central to the company's plans to strengthen its presence in the US market. The company also emphasized that this approval would not affect its existing New Hampshire-based custody operations, and that the relevant structure would continue to operate as before.Crypto.com has joined the ranks of crypto companies that have recently taken similar steps. In December 2025, firms such as Ripple, Circle, Paxos, and Fidelity Investments also received conditional approval for national trust bank licenses. BitGo went a step further and managed to obtain full approval to transform its state-level trust company into a national trust bank. In addition, World Liberty Financial, a crypto startup supported by former US President Donald Trump, also made a similar application to the OCC. However, this initiative led some Democratic members of Congress to raise national security concerns due to its political connections. Changes in the Regulatory ClimateTwo important developments have influenced crypto companies to turn to federal banking licenses. The first of these was the OCC's decision in May, which clearly confirmed that banks can hold crypto assets. The second was the GENIUS Act, signed in July, which aims to clarify the framework for the digital asset market. However, cautious messages are coming from traditional banking circles. The American Bankers Association (ABA) and the Independent Community Bankers Association (ICBA) argue that the OCC should be more cautious in its approval processes for crypto companies. According to these institutions, maintaining the security standards of the banking system should remain a priority.
SEC Sends Double Message: No Price Panic, Clarity for Tokenization
U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins and Commissioner Hester Peirce have made it clear that the regulatory agenda will not be shaped by price movements, despite the recent decline in cryptocurrency markets. Speaking at the ETHDenver conference, the two emphasized the need to clarify the position of tokenized securities within existing federal laws.The decline of over 28% for Bitcoin and nearly 40% for Ethereum in the last 30 days has put pressure on the market. Bitcoin fell to around $66,000, while Ethereum tested below $2,000. XRP also saw a drop of approximately 5%. Despite this, Atkins stated that it is not appropriate for regulators to react to daily price fluctuations. “The most appropriate step is for the rules regarding the asset classes we regulate to provide investors with the information they need,” Atkins said, adding that investors should be able to make buy, sell, or hold decisions based on sound data. According to him, the regulator's job is not to concern itself with the direction of prices; To provide a transparent and predictable framework.A message of clarity for tokenized securitiesAtkins and Peirce argued that clearer rules are needed on how tokenized securities will be integrated into existing securities laws. They stated that this clarity would provide greater legal confidence to both developers and investors.It was noteworthy that the SEC did not directly address the market structure bill being discussed in Congress. However, Peirce stated that the institution provided technical support. The bill, which passed the House of Representatives in July and is proceeding in the Senate under the name "CLARITY Act," could shift a significant portion of the authority over digital assets to the Commodity Futures Commission (CFTC).At this point, the institutional structure of the CFTC is also a subject of debate. Michael Selig, who was confirmed as chairman and commissioner in December, is currently the only member of the commission, which should have five members. Some lawmakers in the Senate are focusing on provisions that require the confirmation of at least four commissioners for the market structure law to go into effect. “Don’t panic just because the price is falling”Speaking at ETHDenver on February 18, Atkins said regulators should not get caught up in calls for immediate intervention against market downturns. “Those who focus only on the price constantly rising may be disappointed,” Atkins said, noting that daily volatility is outside the institution’s core mission.The SEC Chairman also stated that the institution has recently adopted a more structured approach. As part of the work called “Project Crypto,” conducted in collaboration with the CFTC, frameworks for classifying crypto assets, rules for tokenized securities traded on automated market makers, and guidelines for the custody of non-security assets are being worked on.Atkins reminded that the SEC has moved away from its “regulation through sanctions” approach, which has been heavily criticized in the past; numerous crypto cases have been dropped, and staff guidelines for mining, staking, and meme coins have been published. Innovation exemption on the agendaOne of the prominent topics in the speech was the “innovation exemption.” Atkins announced plans for a temporary exemption that would allow tokenized securities to be traded with limited volume on decentralized platforms. This exception aims to provide market participants with a controlled testing ground while permanent rules are being established. Hester Peirce, on the other hand, viewed the current downturn as an opportunity for developers. Addressing the "Schadenfreude" of complacency among some regarding the decline in the crypto market, Peirce stated that regulatory clarity alone would not generate value. She emphasized that the real determining factor is the development of products that users truly need.
Third Stablecoin Meeting at the White House: March 1st is a Critical Threshold.
A critical timeline has been set in the negotiations under the Senate-backed Digital Asset Market Clarity Act, which aims to provide a clear framework for cryptocurrency markets in the US. It is reported that the White House wants the disagreement regarding stablecoin reward programs resolved by March 1st, and that failure to reach an agreement by this date could stall the process. Clear message from the White House: No complete banIn a closed session held on Thursday, where the parties met for the third time, White House representatives clarified their position. Accordingly, limited stablecoin rewards tied to specific transactions and activities will be allowed; however, interest-like returns based solely on holding stablecoins, resembling deposit accounts, will be prohibited. According to sources who attended the meeting, this approach increased pressure on banks to reach a compromise. Banking representatives, who previously advocated for a complete ban on stablecoin rewards, have now begun working on a new regulatory language that will allow for limited rewards.Banks' concern: Will the deposit base weaken?The issue is quite critical for the banking sector. Reward programs offered by stablecoin issuers could provide an alternative to interest-bearing deposit accounts in traditional banks. This could directly impact banks' lending capacity and core revenue model.Banks believe that customers shifting their funds to stablecoin platforms could erode their deposit base. Therefore, they initially demanded a complete ban. However, it is stated that in the last meeting, a formula was considered that would differentiate deposit-like returns with limited and transaction-based rewards.Article 404 at the heart of the discussionThe stablecoin section of the bill, particularly Article 404, has become the most critical breaking point of the regulation. Interestingly, this section is not directly related to the market structure. Nevertheless, the fate of the bill seems largely dependent on this heading.Furthermore, the changes being worked on could effectively reshape the GENIUS Act, which came into effect last year and defines the stablecoin framework. While the current law allows crypto platforms more room for reward programs, the new proposal narrows this area but does not eliminate it entirely. The White House wants to speed up the process.The meeting was led by President Donald Trump's crypto advisor, Patrick Witt, on behalf of the White House. Witt and his team urged the parties to move quickly. The goal is to unlock the stablecoin issue and allow broader market structure regulation to move forward in the Senate.The White House is expected to prepare an updated draft text and send it to the banks. The final language will be clarified after the banks review this text and provide feedback. Democrats' demands may complicate the process.Although progress has been made on stablecoin rewards, other issues in the bill are still controversial. Democratic senators are demanding stronger investor protections, especially in the decentralized finance (DeFi) sector. There are also politically charged provisions such as prohibiting high-ranking public officials from directly taking roles in the crypto sector and ensuring full appointments to regulatory bodies. These issues have not yet been resolved. Therefore, although the agreement on stablecoin rewards speeds up the process, bipartisan support seems essential for the bill to receive final approval.
Arizona Makes a Crypto Move: Bill Including XRP and BTC Overcomes First Hurdle
Arizona has taken a significant step towards integrating digital assets into the public treasury. The Arizona Senate Finance Committee approved Bill SB1649, known as the "Digital Asset Reserve Fund Bill," by a 4-2 vote, moving it to the next stage. The bill will now go to the Senate Rules Committee and continue its legislative process.SB1649 envisions the establishment of a "Digital Asset Strategic Reserve Fund" to be managed by the state. This fund aims to hold certain crypto assets that come into the possession of Arizona authorities under a structured reserve system. Specifically, it is planned that digital assets that are seized, confiscated, or voluntarily transferred to the state will be collected under this new fund.The bill provides a clear framework for how digital assets will be stored and managed under state control. In this respect, Arizona is working on a model that shows that crypto assets can be addressed not only from the perspective of the private sector or individual investors, but also from a public finance perspective. XRP Explicitly Defined as a Reserve AssetOne of the most striking elements of SB1649 is the explicit inclusion of XRP among the eligible assets for the reserve. The bill clearly states that XRP and other eligible digital instruments can be held within the reserve in cases of state seizure or voluntary takeover.This explicit reference has symbolic significance in the crypto market, particularly for XRP. The mention of a specific token by name in a state-level legal document is considered a significant sign of institutional and public acceptance of digital assets.However, the bill focuses on how to manage assets already under state control, rather than initiating a new investment program. In other words, it aims not for Arizona to directly purchase crypto from the market, but rather to hold existing and future digital assets within an institutional framework.Custody and Management Framework DefinedAccording to the bill, the management of the reserve fund will be given to the Arizona State Treasurer. The Treasurer will be responsible for the secure custody of digital assets and the management of the portfolio. However, this authority is not unlimited; There is a requirement to comply with a defined custody plan and regulated oversight solutions. The text states that tools such as regulated custody services and exchange-traded products can be used. Thus, the aim is to ensure the security of digital assets through regulated solutions. Not leaving control entirely to private platforms is a key element in terms of protecting public oversight.The bill does not directly replace Arizona's existing "Revised Uniform Fiduciary Access to Digital Assets Act." Instead, it establishes a complementary structure for how digital assets held by public institutions will be stored.The process will continue in the Senate and the House of RepresentativesSB1649, which passed the Finance Committee with a 4-2 vote, will now be considered in the Senate plenary session. If it receives majority support there, it will be sent to the Arizona House of Representatives. Amendments to the bill may be proposed during the House stage.If the bill is enacted in its current form, Arizona could become one of the first US states to create a special reserve structure for seized or acquired crypto assets. The explicit designation of XRP as a reserve asset is seen as a development that could open this model up to debate on a national scale.
