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Odaily News: The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions against Tehran-based crypto exchange BitBank, alleging that the platform transferred hundreds of millions of dollars in Bitcoin to Iran's Islamic Revolutionary Guard Corps (IRGC). According to OFAC, BitBank is controlled by Iranian financier Babak Zanjani, who was designated in January of this year, and who used the platform to complete transfers between June and July. The designation was made pursuant to Executive Order 13902. The sanctions also cover three executives of BitBank's software developer Pishtaz Simorgh and its parent company Dot One. U.S. Treasury Secretary Bessent stated that using cryptocurrency to finance the Iranian regime does not fall outside OFAC's jurisdiction. OFAC also alleged that Hormuz Safe, a Tehran-based institution that sells safe passage through the Strait of Hormuz, has been transferring payments it received through BitBank since June; the institution was sanctioned in July. OFAC did not disclose the relevant wallet addresses.
Odaily News: The U.S. Securities and Exchange Commission (SEC) has proposed rules related to crypto assets, aiming to establish a clear framework for eligible investment contracts and provide a targeted securities offering regime for token issuances, enabling related entities to raise funds while retaining investor protection measures. The proposed rules would allow crypto companies to issue up to $5 million in tokens over four years, or up to $75 million in tokens within 12 months, and provide a safe harbor to prevent cryptocurrencies from being deemed "investment contracts." Issuers would be required to disclose financial statements and provide ongoing reporting. The SEC did not include the previously anticipated "innovation exemption" for crypto stocks. The proposal comes just days after the U.S. Senate failed to advance the Digital Asset Market Clarity (CLARITY) Act; the public will have 60 days to submit comments after the proposal is published in the Federal Register. SEC Chair Paul Atkins stated that congressional legislation remains essential for establishing rules that can be applied over the long term, and the SEC will continue to support Congress in advancing the CLARITY Act to President Trump. The Commodity Futures Trading Commission (CFTC) plans to discuss cryptocurrency, AI, and prediction market regulation on Thursday. (Cointelegraph)