reform

South Korea will incorporate tokenized securities into the overall framework of capital market reform. The Financial Services Commission (FSC) recently launched a review meeting on capital market infrastructure to coordinate the advancement of reforms such as speeding up securities settlement, extending trading hours, and digital transformation.According to the plan, the tokenized securities framework will officially take effect in February 2027, and relevant subordinate regulations are expected to solicit public opinions in July this year. In terms of infrastructure development, Samsung SDS has been contracted by the Korea Securities Depository (KSD) to develop a tokenized securities management platform, aiming to integrate the existing electronic securities account system with blockchain data, with the goal of completing this by February 2027.

According to Jinshi reports, the market generally believes that the Federal Reserve will keep interest rates unchanged, but it faces uncertainty in economic trends. The new chairman, Waller, is under close scrutiny regarding how he will lead the Federal Reserve. Despite a strong job market and consumer spending, inflation remains above target levels. Analysts expect Waller to reshape the Federal Reserve's communication and policy decision-making, potentially reducing forward guidance on interest rate expectations and adjusting the frequency of press conferences. The chief economist at Oxford Economics predicts that the Federal Reserve will not raise interest rates in June, but the wording will be adjusted, with a baseline forecast of a rate cut in December.

According to La Política Online, the Mexican fintech industry is seeking to promote the Fintech 2 bill reform under the leadership of the new head of the National Banking and Securities Commission (CNBV), Ángel Cabrera. The industry believes that the Fintech Law passed in 2018 can no longer keep up with the pace of innovation, leading to bottlenecks in the approval process, and there is an urgent need for clearer and more flexible regulatory standards. Key demands include accelerating the authorization process, implementing tiered risk management, conditional authorizations, and comprehensive regulations for open financial models.Regarding crypto assets, Mexican financial authorities still maintain restrictions on such tools, despite the continuous growth of the global crypto market. The industry is seeking progress in the regulation of crypto assets, hoping to establish clearer rules. In addition, the industry also hopes to promote a hybrid model that allows the same platform to integrate services such as payments, credit, and insurance. Experts point out that about 85% of transactions in Mexico are still conducted in cash, and a large portion of the population is not covered by the traditional financial system; updating regulations will help accelerate financial inclusion.

According to The Block, investment bank Benchmark pointed out in its latest research report that the U.S. Securities and Exchange Commission (SEC) proposed to repeal Rule 611 and Rule 610(e) of Regulation NMS, which could become the "most decisive regulatory change" affecting the market structure of cryptocurrencies and tokenized assets in 2026.The proposal was announced on June 11 and aims to eliminate trading protection and quote constraint rules that have been in place for nearly 20 years in the U.S. stock market. The SEC stated that this move is intended to reduce trading costs and provide greater space for market competition and technological innovation.Benchmark's analysis believes that the current Rule 611 (order protection rule) requires trades to adhere to the National Best Bid and Offer (NBBO), while Rule 610(e) restricts "locked/crossed quotes." These mechanisms are effective in traditional matching systems but create structural constraints for automated market maker (AMM) models in decentralized finance (DeFi).The report pointed out that if the relevant rules are repealed, it will significantly lower the compliance barriers for tokenized stocks and on-chain trading systems, making AMM-based trading models easier to access the U.S. capital market system.In terms of potential beneficiaries, Benchmark specifically mentioned Securitize, believing that it will benefit most directly as a provider of tokenized securities infrastructure, while Coinbase and Galaxy Digital will also benefit from the expansion of trading, market-making, and custody infrastructure. However, the report also emphasized that the rule adjustments do not address all core issues, such as the exchange registration system, custody and clearing framework, and the legal positioning of DeFi-native trading still needs further clarification.The industry generally expects that the subsequent "innovation exemption mechanism" will become a key supporting policy. The SEC has currently opened a 60-day public comment period on the proposal, and the market anticipates that the final vote may take place in early 2027.

The State Duma of Russia has passed a cryptocurrency tax reform bill submitted by the government in the first reading, aiming to further clarify the tax rules related to digital assets. According to the draft, the taxable base for cryptocurrency transactions will be calculated based on the positive difference between income and costs, allowing investors to offset gains and losses from digital currencies and foreign digital rights assets within the same tax period.The bill also requires brokers and trust management institutions to fulfill the obligation of withholding and paying personal income tax in cryptocurrency and foreign digital rights transactions, and to retain relevant transaction vouchers for at least five years. At the corporate level, except for cryptocurrency mining, income and expenditure related to foreign trade involving digital assets will be included in the corporate income tax base, and foreign digital rights assets will also be treated as cryptocurrency for tax purposes.In addition, the Budget and Tax Committee of the State Duma of Russia has suggested further amendments to the bill in the second reading, requiring licensed cryptocurrency exchange platforms to assume tax agency functions, directly withholding personal income tax when users buy and sell cryptocurrencies. If the final legislation is passed, Russia's regulatory system for digital asset taxation will be further improved.

According to Crypto In America, the U.S. House of Representatives' fundraising committee will hold a hearing on cryptocurrency tax reform this Tuesday, reviewing seven discussion drafts covering aspects such as stablecoin trading, mining and staking, crypto lending, wash sale rules, charitable donations, and taxpayer disclosures. Essentially, this breaks down the previously proposed "Digital Asset Equality Act" into multiple independent pieces of legislation.Meanwhile, negotiations on the Senate's "Clarity Act" are still ongoing. Senator Lummis stated that the bill is more likely to advance after Congress reconvenes on July 13, with core disagreements focused on ethical clauses, DeFi regulatory language, and stablecoin yield issues. The banking industry continues to lobby against stablecoin yield clauses, while over 200 crypto organizations have jointly written to urge the swift advancement of the bill for a vote.In addition, Illinois plans to impose a 0.2% tax on digital asset transactions, which has sparked strong opposition from industry groups, warning that this move will drive crypto companies out of the state.

According to CoinDesk, Ethereum co-founder and ConsenSys CEO Joe Lubin stated that the recent controversies surrounding budget cuts at the Ethereum Foundation (EF), employee departures, and leadership adjustments do not indicate that the organization is in crisis, but rather represent a necessary evolution in its development process.The Ethereum Foundation should focus on maintaining the core technology and values of the network, preserving a "trustworthy neutrality" position, while responsibilities such as ecological expansion, institutional collaboration, and commercial promotion should be undertaken by other organizations to avoid potential conflicts of interest between protocol development and commercial interests.In response to external doubts about the direction of the foundation's reforms, Lubin noted that many criticisms stem from misunderstandings of the foundation's role. He pointed out that the Ethereum Foundation is promoting further separation between protocol governance and commercial operations, and the future Ethereum ecosystem will not be dominated by a single entity, but rather multiple organizations will take on ecological construction responsibilities in different areas, collectively driving network development. This model differs from some blockchain projects that concentrate protocol development and business strategy within the same entity, aligning more closely with Ethereum's decentralized development philosophy.Regarding market views that "Ethereum is declining," Lubin denied this. He stated that in recent years, artificial intelligence has replaced the cryptocurrency industry as the most关注的技术叙事 in the capital market, leading to a shift in funding and investment focus, but this does not mean that Ethereum has lost its competitiveness.On the contrary, after years of scaling and infrastructure development, Ethereum is gradually becoming capable of supporting the next wave of large-scale adoption and is expected to usher in a new growth cycle in the future.

According to a report by Reuters, Reform UK, led by Nigel Farage, raised £9.3 million in the first quarter of 2026, surpassing the fundraising scale of major UK political parties for the third consecutive quarter, with some of the funds coming from large donations by cryptocurrency investors.

U.S. SEC Chairman Paul S. Atkins stated during a speech at the 2026 Reagan National Economic Forum that the U.S. Securities and Exchange Commission is advancing the "New Era of the SEC" regulatory reform, focusing on modernizing digital asset regulation, promoting the development of on-chain capital markets, and supporting the U.S. to become a "global crypto hub."Paul Atkins criticized the previous SEC's "regulatory hostility" towards the digital asset industry, stating that a large amount of crypto innovation was forced to move overseas as a result. He mentioned that with the support of the Trump administration, the SEC has launched "Project Crypto" and is collaborating with the U.S. Commodity Futures Trading Commission to promote on-chain market infrastructure and coordinate crypto regulation.The SEC has recently clarified which digital assets are considered securities and which are not, and is advancing an innovative exemption mechanism for "tokenized listed securities," while also studying how on-chain trading systems can fit within the existing regulatory framework.In addition, Paul Atkins emphasized that the SEC will reduce "over-disclosure" and regulatory burdens, promoting the "Make IPOs Great Again" reform, which includes lowering compliance costs for listed companies, increasing IPO flexibility, and formally proposing the repeal of climate disclosure rules introduced during the previous administration. The future of the U.S. capital markets should be built on a foundation of "free markets and innovation-driven" principles, and the role of regulatory agencies should be to provide clear rules and legal certainty, rather than suppressing technological development.

According to the Securities Times, the National Development and Reform Commission held a press conference today. At the meeting, Li Chao, deputy director of the Policy Research Office of the National Development and Reform Commission, stated that the commission is planning to introduce supporting documents to accelerate the implementation of artificial intelligence and further strengthen resource guarantees.At the same time, we will continue to promote central state-owned enterprises to open high-value application scenarios, creating benchmark applications for artificial intelligence across various industries, fields, and regions, and accelerating the integration of artificial intelligence into all aspects and links of business management.

According to CoinDesk, bipartisan lawmakers Steven Horsford, Max Miller, Suzan DelBene, and Mike Carey jointly reintroduced the "Digital Asset Protection, Accountability, Regulatory, Innovation, Taxation, and Revenue Act" (also known as the "Equality Act") this Wednesday. The new version of the bill mainly covers the following points: first, it stipulates that regulated payment stablecoins do not generate gains or losses if the cost basis is not less than 99% of the redemption value; second, it establishes a safe harbor for broker-dealer transactions or taxpayer account transactions; third, it clarifies that "wash sale" rules apply to digital assets; fourth, it requires the IRS to assess the current tax burden of small cryptocurrency transactions and to study the feasibility of establishing a tax exemption for transactions under $200 and the potential risks of abuse.The cryptocurrency industry has long advocated for tax exemptions on small transactions to promote the use of cryptocurrencies in everyday payment scenarios. Lawmaker Horsford stated that tax policy is the foundation of the cryptocurrency regulatory framework, and that current tax laws have not clearly addressed many core issues related to digital assets.

According to the official announcement, the U.S. Securities and Exchange Commission (SEC) has proposed amendments to the rules and forms related to registered offerings, aiming to enhance the efficiency, flexibility, and reduce costs of public fundraising for listed companies, while simplifying the information disclosure framework for listed companies.According to the proposal, more listed companies will be able to conduct shelf offerings, and more companies will be eligible for registration and communication conveniences that were previously only available to "well-known seasoned issuers." Broker-dealers will be able to provide research coverage for more listed companies, and the state securities law registration and qualification requirements for multi-state registered offerings will be excluded at the federal level.Additionally, the proposal suggests raising the threshold for large accelerated filers from $700 million to $2 billion, with the stipulation that companies will not be included in this category based on market capitalization for at least 60 months post-IPO. The public comment period will last for 60 days after publication in the Federal Register.

The UK Parliament's Standards Commissioner is investigating UK MP and leader of the Reform Party, Nigel Farage, due to allegations of failing to declare a £5 million (approximately $6.7 million) personal donation from Tether investor Christopher Harborne. Christopher Harborne holds a 12% stake in Tether. Nigel Farage stated that the donation was received in 2024 before he announced his candidacy, intended for personal security, and therefore he had no obligation to declare it. According to the House of Commons Code of Conduct, new MPs must register any benefits received in the previous 12 months after being elected. If found in violation, Nigel Farage could face penalties such as an apology, suspension, or expulsion from Parliament.

According to BBX data, institutional demand for Bitcoin ETFs maintained strong momentum yesterday. Today, both houses of Congress are advancing cryptocurrency legislation simultaneously for the first time, with the core dynamics as follows:The U.S. Bitcoin spot ETF recorded a total net inflow of approximately $358.1 million yesterday (May 13), with BlackRock, Inc. (NYSE: $BLK) subsidiary iShares Bitcoin Trust (NASDAQ: $IBIT) seeing a single-day net inflow of $269.3 million, the strongest single-day data in recent weeks; the overall U.S. Bitcoin spot ETF has recorded net positive inflows for seven consecutive weeks, further reinforcing the structural signal of institutional capital returning. Bitcoin closed above $80,000 yesterday, with a year-to-date increase of about 14%, and market sentiment remains relatively optimistic on the eve of the CLARITY Act markup.The House Ways & Means Committee held a closed-door meeting today (May 14) on cryptocurrency tax reform in sync with the Senate Banking Committee's CLARITY Act markup, covering topics such as the treatment of capital gains tax on crypto assets, tax reporting responsibilities for DeFi protocols, and the tax classification of Bitcoin mining and staking income; this marks the first time in 2026 that both houses of Congress are advancing cryptocurrency regulatory legislation on the same day, indicating that cryptocurrency regulatory legislation has expanded from a single market structure issue to a complete legislative ecosystem of "regulatory framework + tax system."

According to CoinDesk, the UK's parliamentary standards watchdog is conducting a formal investigation into Reform UK party leader Nigel Farage for failing to declare a £5 million donation from crypto billionaire Christopher Harborne. Harborne holds a 12% stake in stablecoin issuer Tether. Farage argues that the donation was used to pay for personal security costs and falls within the exemption for disclosure.If found in violation of the code of conduct, Farage could face suspension. A YouGov poll shows Reform UK leading with a 28% support rate, and Farage is expected to become the next Prime Minister. The UK government suspended political crypto donations in March, and this ban will be written into the Representation of the People Act.

Australia is considering significant reforms to its Capital Gains Tax (CGT) system, planning to replace the current 50% tax discount policy for long-term held assets with an "inflation-indexed" mechanism, covering investment categories such as cryptocurrencies and stocks. The current system allows individuals to be taxed only on 50% of the capital gains if they hold the asset for more than a year, a policy that has been in place since 1999.If the reform is implemented, investors will calculate their gains based on inflation-adjusted cost bases, which may lead to an increase in actual tax burdens during periods of rapid asset price increases. According to the proposal's logic, the new mechanism will only tax "real gains" (the portion after excluding the effects of inflation), but in a low-inflation environment, the indexed deduction may be lower than the current 50% discount, resulting in increased tax burdens for most investors. The impact on cryptocurrency investors is particularly pronounced.The current "hold to reduce tax" mechanism reinforces long-term holding (HODL) strategies, while the new proposal will weaken the advantage of time holding, significantly increasing the tax burden on unrealized gains during periods of high appreciation. The proposal is still in the discussion stage and is expected to face strong opposition from investor groups and the financial industry, with the focus of the controversy centered on the balance between capital formation efficiency and tax system fairness.

With the official implementation of cryptocurrency regulatory reforms in Australia, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced today the launch of two supervisory actions targeting the virtual asset industry.AUSTRAC stated on social media that it is engaging with dozens of cryptocurrency companies and trading platforms, focusing on how they manage anti-money laundering and counter-terrorism financing (AML/CTF) risks and preparing for the upcoming reforms. This supervisory action primarily targets over-the-counter (OTC) operators and local trading platforms. The new laws have expanded the regulatory scope to include custodial and brokerage services. This reform marks a further improvement in Australia's regulatory framework for the cryptocurrency industry, aiming to enhance industry compliance standards and mitigate financial crime risks.

The National Development and Reform Commission, the National Energy Administration, the Ministry of Industry and Information Technology, and the National Data Bureau jointly issued the "Action Plan for Promoting the Bidirectional Empowerment of Artificial Intelligence and Energy," proposing to initially establish a safe, green, and economical energy security system supporting AI development by 2027, and to achieve world-leading research and application of AI-specific technologies in the energy sector by 2030.The key points of the plan include: coordinating the layout of new energy bases and computing power hubs, exploring direct connections between nuclear power and hydrogen energy to computing power facilities; promoting computing power facilities to increase the proportion of green electricity and energy efficiency, and improving carbon emission accounting; achieving synergy between computing power and electricity through market-based electricity trading; opening up high-value AI application scenarios in power grids, coal, oil and gas, and energy storage; accelerating breakthroughs in large energy models and the application of autonomous intelligent computing chips, and providing supporting support in standards, funding, talent, and other aspects.

According to CoinDesk, Aave Labs will rewrite the asset listing and collateral risk control rules. In addition to the existing price and volatility assessments, new reviews will be added for compatibility, network security, and underlying architecture, and minimum standard guidelines will be published for asset issuers.This move stems from the KelpDAO cross-chain bridge attack in April, where hackers minted approximately $293 million worth of unbacked rsETH and borrowed real wETH on Aave as collateral, resulting in hundreds of millions of dollars in bad debt for the protocol. Aave will also shift from a single pool perspective to studying systemic connections between different DeFi protocols to reduce cross-protocol risks and is calling on other DeFi projects to follow similar standards.