News linked to this event type.
According to US CNBC, the latest study published in the academic journal "Review of Accounting Studies" shows that among U.S. taxpayers holding virtual currency, the proportion actually reporting transactions to the federal government is only 32% to 56%. As the IRS mandates intermediaries to submit the virtual currency tax form "Form 1099-DA" starting from 2025, discrepancies between industry reports and taxpayer filings will be more easily identified by authorities. In the initial year, this form only requires reporting gross proceeds, while the reporting obligation for acquisition cost (Cost Basis) will be formally included starting from 2026.
According to Cointelegraph, former U.S. Secretary of Defense Mark Esper wrote in the Financial Times, calling on the Senate to pass the CLARITY Act as soon as possible and emphasizing that the bill is not only a financial services bill but also a national security bill. Esper pointed out that China is heavily investing in state-led payment systems to bypass U.S. regulation and undermine the dominance of the U.S. dollar, while weak digital asset regulatory rules also provide loopholes for North Korean hacking organizations such as the Lazarus Group to evade U.S. financial controls. He stated that the CLARITY Act will expand the Treasury Department's special measures authority under Section 311 of the USA PATRIOT Act and is a powerful weapon to combat malicious actors.
According to South Korean media outlet MBN, People Power Party lawmaker Jung Sung-kook has formally proposed the "Partial Amendment to the Income Tax Act," intending to postpone the implementation date of the virtual asset income tax from the current January 1, 2027, to January 1, 2030, a delay of three years. Under current regulations, income from virtual asset transfers and lending will be classified as other income, and the portion of annual gains exceeding 2.5 million Korean won shall be subject to a 22% tax rate (including local income tax). Jung Sung-kook stated that virtual asset taxation should be implemented only after the investor protection system and the basis for fair taxation are fully improved, emphasizing that priority should be given to ensuring a system preparation period to minimize market disruption as much as possible. Previously, lawmakers from the same party, including Song Eon-seok, had proposed an amendment to delete clauses related to virtual asset income tax, which has currently been submitted to the National Assembly Strategy and Finance Committee for deliberation; however, the government is expected to actively argue for the necessity of taxation, and the bill still faces resistance in its progression.
: Former US Secretary of Defense Mark Esper stated that the CLARITY Act is not only a financial services bill but also a national security bill, and it should be passed as soon as possible. He pointed out that weak digital asset regulatory rules could provide opportunities for North Korea and China to undermine US financial power. Mark Esper stated that China is investing in state-led payment systems to circumvent US oversight and weaken the dollar's core status; the bill would also expand the Treasury Department's authority to take special measures under Section 311 of the Patriot Act, targeting those who evade financial controls, such as North Korea's Lazarus Group. The US Senate is expected to vote on the bill on September 15, and Senate Majority Leader John Thune has already filed a motion to end debate.
Polymarket data shows that the probability of the CLARITY Act becoming law by December 31 stands at 21%, with related contract trading volume exceeding $5.5 million as of August 9. Galaxy Research had previously lowered its expectation for the bill's passage in 2026 from 50% to 30%. On August 8, the U.S. Senate filed a motion to invoke cloture on the motion to advance the bill, but no full chamber vote was held. Senators will return on September 14, and per procedural rules, the first cloture vote is scheduled for September 15. The CLARITY Act aims to delineate the regulatory authority of the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) over digital assets. Senate negotiations still involve three unresolved issues: ethics enforcement, illicit financial activity provisions, and stablecoin yield. The bill will need 60 votes to overcome a filibuster.
Odaily News: Grayscale Head of Research Zach Pandl said that even if the Digital Asset Market Structure Clarity Act (CLARITY Act) is not passed, the operation of major blockchains, demand for Bitcoin as a store of value, and growth of stablecoin payments will not be immediately affected. Regulators will fill regulatory gaps through rulemaking. Zach Pandl noted that the lack of comprehensive market structure legislation could dampen new investment activity in the US, prompting crypto industry participants and startups to move to overseas jurisdictions with clearer regulatory frameworks. The US government will continue to support the development of the crypto ecosystem. Strategy co-founder and Executive Chairman Michael Saylor previously stated that regardless of whether the CLARITY Act is passed, Bitcoin will continue to develop, but the US needs regulatory clarity for digital assets. Senator Bernie Moreno said that Senate Democrats and Republicans have concluded related negotiations, and a vote will follow.
Odaily News – A body of a Chinese national was discovered outside the Jade Park high-rise apartment complex in the Trinidad district of Asunción, Paraguay. Preliminary identification suggests it is Harry Chun Tak Yeh, founder and managing partner of Quantum Fintech Group. Police stated that he is suspected to have fallen from the 30th floor of the building, and his body was found naked and covered with a black plastic bag. Investigators found the door of his suspected residence on the 30th floor wide open, with the interior in severe disarray, and confirmed that he also owned another apartment on the 27th floor of the same building. Criminal forensic technicians have collected evidence from the exterior of the building and both apartments, and relevant physical evidence has been handed over to the prosecutor's office. The prosecutor's office is currently investigating multiple possibilities in parallel, including accident, suspected suicide, and homicide. The judicial authorities will determine the specific cause and circumstances of death through an autopsy.It is reported that Chinese-American crypto investor Harry Yeh entered the Bitcoin market in 2013, when BTC was trading at $60. He launched his first fund with $250,000, and his investment network claims to manage over $2.4 billion in assets, with close ties to Fantom, Tomb Finance, Lif3, ZooCoin, L3 USD, and L3 Reserve. (Latribuna)
Odaily Odaily News: Bitcoin Red Team member @Rob1Ham stated that OpenAI has blocked him from continuing security analysis of the Bitcoin codebase, after he had responsibly disclosed real vulnerabilities found within it. Rob1Ham said he had previously completed identity verification and onboarding processes related to OpenAI's cybersecurity capabilities, but is currently unable to continue investigating whether the fixes are sufficient or whether other vulnerabilities still exist. He stated that he will now resume Bitcoin security research using an open-source Chinese AI model. Rob1Ham commented: "Black hat hackers won't attack these issues, white hat hackers will." He also added: "For those who don't follow the rules and engage in harmful behavior, intelligence is unrestricted, while those committed to reducing harm are being excluded." (Bitcoin News)
Odaily News – Hong Kong police conducted a two-phase citywide operation from August 7 to 8, raiding multiple locations, dismantling a mule account coordination and fund processing center, and seizing a large number of bank cards, cash, electronic devices, and other evidence. A total of 147 people were arrested, bringing down a criminal network that used a large number of "mule accounts" to transfer funds, involving an amount close to HK$600 million. Police investigations revealed that the syndicate recruited individuals to provide bank accounts and used multiple accounts to split funds, conduct frequent transfers, and move money through multiple layers in an attempt to conceal the source of funds. Some account holders, after receiving payments ranging from hundreds to thousands of Hong Kong dollars, handed over their online banking login credentials to others for control.Police noted that the masterminds behind the scheme adopted a "segmented" management model, relaying instructions through close associates to avoid direct contact with the funds, and arranged for processed funds to be transferred into accounts of affiliated individuals to further obscure the flow of money. The operation led to the arrest of 147 individuals and the seizure of approximately HK$3.65 million in cash, along with luxury watches, gold ornaments, vehicles, and other valuables totaling around HK$5 million. Police stated that they have successfully disrupted the related fund chains and will continue to trace the masterminds and the flow of funds.The police remind the public not to sell, rent, or lend out personal bank accounts, as they could be exploited by criminals for illicit fund transfers, and account holders may bear corresponding legal liability. (RTHK)
Odaily News: South Africa's National Treasury and the South African Reserve Bank (SARB) have released draft rules on cross-border transfers of crypto assets. Farzam Ehsani, co-founder and CEO of crypto exchange VALR, stated that without significant amendments to key provisions, the framework could harm the country's digital asset industry and drive capital offshore. The draft rules allow individual residents to transfer crypto assets abroad within existing foreign exchange limits but restrict corporates from conducting cross-border crypto transactions, while also classifying certain inbound transfers from private, non-custodial self-hosted wallets as unacceptable transfers for local crypto asset service providers (CASPs). Ehsani believes this could push both businesses and retail users toward overseas platforms. Ehsani noted that prohibiting regulated entities from handling legitimate corporate transactions—particularly cross-border stablecoin payments—could drive such activity underground or offshore, ultimately undermining the transaction visibility and monitoring capabilities regulators aim to achieve. South Africa's National Treasury and SARB have opened a public consultation period, with feedback due by September 30.
Odaily News As prediction markets gradually expand into the realms of politics and government decision-making, insider trading risks are becoming a regulatory focus. U.S. prediction market platform Kalshi has stated that it has identified multiple suspected cases of insider trading and has submitted the relevant leads to federal regulators.Kalshi spokesperson Laura Frank stated that the company prohibits market manipulation and insider trading and has established a trading surveillance system similar to those used in securities markets. Earlier this year, Kalshi's monitoring system flagged suspicious trading activity by former Congressman George Santos in markets related to the U.S. President's State of the Union address. The company subsequently submitted its investigative findings to the U.S. Commodity Futures Trading Commission (CFTC).Additionally, federal agencies are investigating whether former White House teleprompter operator Gabriel Perez used advance knowledge of Trump's speech content to trade on Kalshi-related markets.Meanwhile, the Trump family is accelerating its push into the prediction market space. Trump Media & Technology Group is developing a prediction market platform called TruthPredict, which will allow users to trade prediction contracts tied to major events. The company is also launching Truth API, providing Wall Street with high-speed data access to Truth Social content.Donald Trump Jr., the eldest son of the former president, currently serves as a strategic advisor to Kalshi, while his venture capital firm, 1789 Capital, has invested in rival Polymarket and joined its advisory board. This means the Trump family is simultaneously linked to the two leading prediction market platforms, while Trump Media Group is also building its own prediction market business.Although there is currently no public evidence showing that Donald Trump Jr. or the Trump family has traded using inside government information, the potential conflicts of interest arising from the intertwining of presidential public information, market trading, and family business interests are drawing growing external scrutiny.As of now, Donald Trump Jr.'s team and Trump Media & Technology Group have not immediately responded to requests for comment. (Fortune)
Odaily News BIP-110 has sparked community controversy over its attempt to restrict non-financial data storage on the Bitcoin blockchain. Supporters of this proposal plan to push for the rule change through a User-Activated Soft Fork (UASF), but current miner support is far from meeting the activation requirements. The market is watching whether this controversy will further escalate into a split within Bitcoin's network governance.Blockstream CEO Adam Back criticized the arguments of BIP-110 supporters in a post on the X platform, stating that the claim "Bitcoin supports spam data" is incorrect and noting that all Bitcoin participants dislike network spam. Adam Back pointed out that Bitcoin cannot achieve absolute censorship at the mathematical level, and the BIP-110 proposal itself has numerous flaws that prevent it from functioning effectively, which is why it has not gained network consensus. He emphasized that forcibly pushing rule changes without consensus could ultimately lead to a fork outcome similar to Bitcoin SV (BSV).
Odaily News: The Cyprus Securities and Exchange Commission (CySEC) will conduct on-site inspections and off-site reviews of authorized crypto asset service providers between the second half of 2026 and the first half of 2027, with spot checks targeting institutions offering digital asset custody services. This initiative is part of the 2026 Common Supervisory Action coordinated by the European Securities and Markets Authority (ESMA), focusing on assessing institutional governance and control frameworks, key and storage management, private key security, wallet storage, and access control. The reviews will also cover transaction controls, monitoring and incident response, smart contract security, and third-party risk management. CySEC stated that the relevant standards are mandatory requirements, and institutions' compliance preparedness will serve as the basis for selecting entities for subsequent inspections.
According to Bifrost's monitoring, at 19:47 Beijing time on August 8, hackers exploited a vulnerability in the liquidity pool, stealing approximately $720,000 worth of assets from the vDOT single-asset pool and the vASTR/ASTR and vMANTA/MANTA pools. The stolen assets were subsequently deposited into HitBTC and eventually flowed into Binance. Bifrost has contacted Binance's security department to submit a fund freeze request and has filed a report along with a chain of custody evidence package, including transaction tracking, wallet addresses, and timestamps, with law enforcement authorities. Currently, Bifrost has halted all liquidity mining rewards and is conducting a comprehensive security review.
Grayscale Head of Research Zach Pandl stated that due to the Senate schedule and election-year political factors, the likelihood of the U.S. bipartisan crypto market structure bill, the CLARITY Act, passing this year has significantly decreased. The article suggests that the bill's failure to pass will not impact the operation of major blockchains or demand for Bitcoin as a store of value in the short term, nor will it hinder the growth of stablecoin payments.
According to South Korean media NATE, the South Korea Regulatory Rationalization Committee has proposed amendments to the Enforcement Decree of the Specific Financial Transaction Information Act to exclude minor violations from the eligibility restrictions for major shareholders of Virtual Asset Service Providers (VASPs), sparking market discussions on exchange M&A, new business entry, and regulatory fairness. This relaxation proposal also involves issues regarding the boundaries of authority under the Enforcement Decree.
Odaily News: White House cryptocurrency advisor Patrick Witt stated on the X platform that Congress has spent years pushing for crypto market structure legislation, and the Senate has been continuously negotiating the CLARITY Act since last summer. However, over the past week, Chuck Schumer and the so-called "pro-crypto Democrats" have blocked a procedural vote on the bill before recess, demanding further delays.Patrick Witt warned that if the bill fails to make progress by September 15, the likelihood of its future passage will decrease significantly.
Odaily News – French Foreign Minister Jean-Noël Barrot submitted Bill No. 921 to the Senate on July 17, proposing to incorporate the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development (OECD) into French law, and to automatically exchange crypto data with 48 countries that have signed related agreements. The exchanged information includes specific transactions, user names, addresses, tax identification numbers, place of residence, and cumulative transaction value during the reporting period. EU member states are already preparing for relevant data exchanges under the DAC-8 directive, which will take effect on September 30, 2027. Once the bill is approved, the French government will accelerate crypto data collection. A Chainalysis report shows that as of 2026, France has recorded 30 publicly known violent robberies of crypto assets; the report also states that a tax official in the Paris region is suspected of selling data on high-net-worth crypto holders.
: Bitcoin News posted on the X platform stating that Foundation has released KeyOS 1.3.1 for Passport Prime, adding a mnemonic generation feature. Users can input the first 11 or 23 words of a BIP39 mnemonic, and the device will generate a valid final word that meets checksum requirements. Users can manually generate mnemonics by rolling dice, flipping coins, or other methods, and complete mnemonic generation directly on the Passport Prime without the need for external tools. Foundation stated that AI security reviews conducted using Claude Fable Max and ChatGPT 5.6 Sol Extra High found no serious security issues.
Odaily News: U.S. banking giant Wells Fargo plans to launch tokenized deposits for select corporate and commercial clients in fall 2026, initially supporting USD and GBP transactions, with plans to expand to more clients and currencies in 2027. Tokenized deposits remain bank liabilities but can enable continuous transfers, programmable payments, faster settlement, and transaction visibility via blockchain. Wells Fargo is not the only bank pursuing this initiative. JPMorgan has already expanded its blockchain-based payment services for institutional clients, and other major financial institutions are developing similar products and shared networks. Meanwhile, the circulation and transaction volume of stablecoins such as USDC continue to grow, and they are already used for settlement across crypto markets, payment networks, and tokenized finance platforms. Tokenized deposits allow funds to remain within the regulated banking system while supporting time-based transfers and condition-triggered payments. Stablecoins, on the other hand, already cover trading, remittance, cross-border payments, decentralized finance, and tokenized asset settlement. Enterprise adoption of both product types will also be influenced by accounting treatment, regulatory rules, and cross-network interoperability.