Senator Warren debates with the head of the US OCC over WLFI-related crypto bank applications

The IRS proposes that crypto brokers provide tax information reports to clients

Foresight News reports that the U.S. Internal Revenue Service (IRS) proposed a new regulation on Thursday. Under the new rules, cryptocurrency brokers will be required to provide clients with transaction information reports reported to the U.S. tax authorities. The proposal will amend the existing rules under Section 6045 of the Tax Code.

How OTC merchants step by step into the trap of "illegal business operation"

Author: Lawyer Shao Shiwei Profiting from buying and selling virtual currencies through price differences, but being prosecuted for receiving foreign exchange transfer funds—this article is based on a real case handled by Lawyer Shao, involving an OTC merchant accused of illegal business operations and concealing criminal proceeds through off-market USDT transactions. In this case, the involved party has long been engaged in buying and selling USDT to earn price differences. During a normal transaction, he unfortunately received RMB funds transferred by an underground bank upstream, illegally exchanging currency for others. Big data analysis confirmed that this fund was identified as foreign exchange transfer funds. The question then arises: Is simply earning from virtual currency price differences enough to be criminally liable for receiving foreign exchange transfer funds from illegal foreign exchange transactions upstream? More notably, there are differing opinions within the case-handling agency regarding whether to apply the crime of illegal business operations or the crime of concealing and disguising criminal proceeds. Lawyer Shao’s view is that such cases cannot be simply classified; the behavior must be assessed based on the individual's role in a layered manner.

XRP Could Face Securities Classification Under New U.S. Crypto Framework, Says Cardano’s Hoskinson

Charles Hoskinson argues that under the revised CLARITY Act, tokens like XRP would qualify as securities, igniting his feud with the XRP community. He called Ripple CEO Brad Garlinghouse out again, cautioning that having no laws is better than having a bad law. Cardano founder Charles Hoskin

Bank failures, war conflicts: Iran's $7.8 billion cryptocurrency "shadow economy" becomes the focus again

As the US-Israel coalition escalates actions against Iran, the country's "shadow economy" has once again come into focus. Iran is using cheap electricity to mine Bitcoin, stabilizing its currency and bypassing sanctions. Mining hash rate accounts for 2%-5% of the global total and is expected to create a $7.8 billion ecosystem by 2025. The stablecoin USDT is also used to stabilize the rial exchange rate, which has depreciated by over 96%. Additionally, during protests, the public has accelerated their shift to Bitcoin to protect assets.

TRM Labs Reports $35B Lost to Crypto Scams Worldwide in 2025

TRM Labs reports a rise in global crypto fraud, reaching $35 billion in 2025, likely underestimating actual losses. Enhanced training and blockchain tools are essential for law enforcement to combat sophisticated fraud schemes effectively.

Iran and North Korea are both using it! Stablecoins have become the preferred virtual asset for illegal transactions, with involved fraud totaling $51 billion.

According to the FATF report, stablecoins have become the preferred asset for illegal transactions, especially in countries like Iran and North Korea. The organization calls for increased regulation of stablecoin issuers and states that by 2025, stablecoins will account for the majority of illegal virtual asset transactions. To address these challenges, the FATF recommends that issuers strengthen their technical capabilities to improve regulatory efficiency.