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2 July 2024 | FXGT.com

Crypto News Catchup – SEC Requires Ethereum ETF Revisions; US Treasury Finalizes Crypto Tax Rules

  • The U.S. Treasury has finalized new cryptocurrency tax reporting rules to address tax evasion. These regulations require brokers to report crypto transactions and gains, aligning them with traditional financial assets like stocks and bonds.
  • The SEC has returned S-1 forms to Ethereum ETF issuers, indicating that at least one more round of revisions is required before potential approval. The development indicates that while progress is being made, there are still regulatory hurdles to overcome before Ethereum ETFs can be launched.
  • 21Shares has filed an S-1 form with the SEC to launch a spot Solana ETF in the U.S. This filing marks a significant step toward offering investors direct exposure to Solana through an exchange-traded fund. The move highlights the growing interest in diversifying crypto investment products beyond Bitcoin and Ethereum.
  • Bolivia has legalized Bitcoin and cryptocurrency transactions, marking a significant shift in its regulatory stance. This move allows individuals and businesses to use digital assets for payments and investments legally.
  • The Philippines has adopted Tether’s USDT for social security payments, allowing Filipinos to use cryptocurrency for their Social Security System (SSS) contributions. This move aims to improve financial inclusion and streamline payment processes, offering a stable and efficient alternative to traditional methods.
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