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According to BBX data, the global competition between crypto compliance infrastructure and traditional financial capital entered a heated stage yesterday, with brokerage giants and old money on Wall Street clashing over the advancement of legislation. The core dynamics are as follows:Coinbase receives CFTC 16-page no-action letter authorization: Coinbase Global, Inc. (NASDAQ: $COIN) officially announced that the Commodity Futures Trading Commission (CFTC) has issued a 16-page "no-action letter" to its subsidiary CFM. This authorizes CFM to officially offer perpetual contracts and options for "digital commodities" such as BTC, ETH, SOL, and DOGE to U.S. institutional clients through the foreign exchange Deribit FZE, which it previously acquired for $2.9 billion. The letter also allows clients to directly transfer digital assets and stablecoins to Deribit FZE as collateral.Dimon publicly declares war on the CLARITY Act: Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE: $JPM), publicly expressed strong opposition to the CLARITY Act currently advancing in the Senate during a Fox Business program. Dimon warned that the act allows crypto companies to pay users "yield rewards" in stablecoins, effectively bypassing the capital and compliance standards of traditional banking. He formed a coalition with the American Bankers Association, publicly committing to "fight to the end" against this legislation.

According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has delayed a broad exemption plan for U.S. cryptocurrency companies to trade tokenized assets. Sources say that SEC staff originally planned to release the so-called "innovation exemption" as early as this week, allowing relevant institutions to advance trading of tokenized assets linked to U.S. stocks under certain conditions. The report states that the draft plan has been drafted and reviewed by SEC staff.

According to Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission, in a post on the X platform, there is an overinterpretation of the proposed "innovation exemption" for on-chain trading of tokenized national market system stocks. Peirce stated that she has always expected the scope of this exemption to be limited, restricted to the trading of digital representations of the same underlying equity securities that investors can currently purchase in the secondary market, rather than trading of synthetic securities.Bloomberg ETF analyst Eric Balchunas commented that he is not surprised by the expectations surrounding tokenization and maintains his view: what tokenization can achieve (at least in the short term) is merely the distribution of stocks and ETFs to on-chain users, serving more as a distribution channel for ETFs rather than a disruptive force.

U.S. SEC Commissioner Hester Peirce stated that the SEC's "innovation exemption" for tokenized stocks is expected to apply only to on-chain equity products. She pointed out that synthetic tokens that merely mimic stock price performance but do not possess full shareholder rights are expected to not meet the relevant regulatory exemption requirements.

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 BBX data, yesterday the global digital asset compliance process welcomed a historic policy dividend, as the U.S. federal government and the top securities regulatory agency are jointly breaking down the payment and securities boundaries between the crypto ecosystem and traditional finance. The core dynamics are as follows:Trump signs digital asset executive order: U.S. President Trump officially signed an executive order on Tuesday local time, requiring U.S. financial regulatory agencies to review existing rules within the next three months, identify and dismantle regulations that hinder fintech companies from collaborating with federally regulated financial institutions. The order specifically requires the Federal Reserve to take measures to encourage innovation within six months, reassess the eligibility of non-bank financial companies to access Federal Reserve payment accounts and services, and appoint 12 regional Federal Reserve banks to study the feasibility of independent open payment accounts.SEC poised to release "innovation exemption" framework: According to Bloomberg Law, the "Project Crypto" plan led by SEC Chairman Paul Atkins is expected to officially launch the tokenized stock "innovation exemption" framework as early as this week. This framework will allow crypto-native platforms to provide trading and clearing services for tokenized U.S. stocks to the market during the experimental period without undergoing full broker registration.Traditional exchange giants race to tokenize: Regulatory easing has already sparked competition for existing market share on Wall Street. Nasdaq, Inc. (NASDAQ: $NDAQ) has officially received SEC approval to launch trading of DTC-compliant security token versions by March 2026; meanwhile, the NYSE parent company Intercontinental Exchange, Inc. (NYSE: $ICE) has also submitted its independently developed 24/7 tokenized securities platform for final approval, which is currently pending.

According to Bloomberg, informed sources revealed that the U.S. Securities and Exchange Commission (SEC) may issue "innovation exemption" rules for tokenized stocks as early as this week, establishing a new framework for trading crypto versions of publicly listed company stocks. The SEC is inclined to allow trading of third-party tokens that are not endorsed or approved by the listed companies, which can be traded on decentralized crypto platforms but may not necessarily have rights such as voting or dividends.This exemption covers tokens traded on DeFi platforms and will test whether stock trading can migrate to crypto infrastructure in the absence of traditional equity market protections. SEC Commissioner Hester Peirce is the main proponent of this exemption, but some SEC officials do not support the decision. Institutions such as Citadel Securities and SIFMA have expressed opposition, warning that this move could undermine investor protection measures like KYC and anti-money laundering. Peirce stated that the exemption is an important step, but it will not change the entire financial system overnight.

Cryptocurrency market maker and liquidity provider B2C2 has obtained a crypto asset service provider (CASP) license issued by the Luxembourg Financial Supervisory Authority (CSSF), officially incorporating it into the EU's Markets in Crypto-Assets Regulation (MiCA) framework.With this license, B2C2 can provide over-the-counter spot trading services across the 27 EU member states and some European Economic Area countries through the MiCA "passporting mechanism," achieving unified compliance for cross-border digital asset liquidity access. The company stated that this approval makes it one of the first global OTC liquidity providers authorized under the MiCA framework, having previously completed VASP registration in Luxembourg in 2024.B2C2 CEO Thomas Restout stated that obtaining MiCA authorization reflects the company's long-term commitment to compliance and governance, and will further enhance its service capabilities in the institutional crypto market. As the MiCA transition period approaches (expected to end in July 2026), more and more crypto companies are accelerating their compliance efforts in the EU, including Coinbase and Kraken, which are also advancing their licensing systems in different jurisdictions in Europe.

According to The Block, staff from the Commodity Futures Trading Commission (CFTC) issued a no-action letter, substantially exempting prediction market platforms from swap data reporting and recordkeeping requirements.The CFTC's Market Oversight Division and Clearing and Risk Division stated that they would not recommend enforcement actions against designated contract markets (DCMs) and clearinghouses for failing to comply with relevant reporting requirements. This move aims to eliminate regulatory uncertainty for event contract platforms.The no-action letter currently covers 19 beneficiary entities, including Polymarket US, Kalshi, Gemini Titan, and Bitnomial.

German Finance Minister Lars Klingbeil stated that the German government plans to tax Bitcoin and crypto assets in a way that differs from current rules, potentially abolishing the existing policy that allows for tax exemption after holding for more than a year, and aligning its tax treatment more closely with that of stock assets.The related adjustments have raised concerns among some legal scholars, who argue that if stricter tax regulations are implemented solely for Bitcoin, it may involve the equal protection principle in the German Constitution. Previously, Austria had already abolished a similar long-term holding tax exemption policy.

According to market news, the legislative committee of the Russian government has approved a proposal from the Ministry of Finance to include operations related to digital currencies within the scope of personal income tax collection, which includes cryptocurrency exchanges.The bill proposes that transaction costs be accounted for using the FIFO (First In, First Out) method and prohibits the carryover of losses from digital currency transactions to future tax periods. Meanwhile, certain services and transactions are proposed to be exempt from value-added tax, including services from digital custodians, cryptocurrency exchange services, and certain foreign digital rights transactions without physical delivery. For debt-type digital financial assets (such as tokenized bonds), the bill sets separate profit tax calculation rules and allows for loss carryover. Previously, the State Duma of Russia had passed the "Digital Currency and Digital Rights" bill in its first reading.

According to CoinDesk, Kraken stated that it has submitted 56 million cryptocurrency transaction tax forms to the IRS for the 2025 tax year, of which approximately 18.5 million correspond to amounts below $1, 74% are below $50, and only 8.5% exceed $600.Kraken pointed out that the lack of a minimum amount tax exemption rule for cryptocurrency payments, as well as the taxation of staking rewards as ordinary income at the time of receipt, is placing a heavy reporting burden on investors. Kraken is calling on the U.S. Congress to promote a broader minimum amount tax exemption policy linked to inflation and to allow taxpayers to choose to be taxed on staking rewards at the time of receipt or sale.

Paul Atkins, the Chairman of the SEC, delivered a speech on the first anniversary of his inauguration at the Washington Economic Club, stating that the SEC is advancing reforms to the regulatory framework for digital assets and incorporating it into the "A - C - T" strategy, which aims to modernize regulation, clarify regulatory boundaries, and reshape the rule system.Regarding crypto assets, the SEC has released a classification system for crypto tokens, dividing digital assets into five categories, four of which do not fall under securities. It indicated that the SEC is about to launch an "innovation exemption" mechanism to provide a limited framework for market participants to conduct tokenized securities trading on-chain in a compliant manner, and has initiated Project Crypto to adapt securities rules and regulatory systems to the trend of capital markets moving on-chain.Additionally, the SEC signed a Memorandum of Understanding (MOU) with the CFTC last month to unify key definitions, clarify regulatory jurisdictions, and coordinate joint regulatory matters, including digital assets. Paul Atkins also stated that the previous regulatory approach to crypto assets in the U.S. had led to innovation activities flowing overseas.

According to Politico, the cryptocurrency asset bill led by Senate Banking Committee Chairman Tim Scott is embroiled in controversy over the DeFi developer protection clause, making bipartisan consensus difficult to achieve.The controversial clause aims to exempt non-custodial software developers who do not control user funds from registering as money transmitters or complying with anti-money laundering requirements. Law enforcement agencies such as the National Sheriffs' Association and the National District Attorneys Association have sent letters to Congress warning that this clause would weaken the ability to combat financial crime; Senate Judiciary Committee Chairman Chuck Grassley has also expressed similar concerns.The cryptocurrency industry views this as the core of the bill, with DeFi Education Fund Executive Director Amanda Tuminelli explicitly stating that no modifications to the clause text will be accepted. Democratic Senators Catherine Cortez Masto and Mark Warner are pushing for amendments to the clause. If the two parties fail to reach a consensus, the bill may advance without Democratic support, affecting the bipartisan majority needed for a full Senate vote.

The Blockchain Association submitted a letter to the U.S. Securities and Exchange Commission (SEC) in response to Citadel's previous call for increased regulation of DeFi.The Blockchain Association stated that DeFi protocol developers do not fall under the category of brokers or exchange operators and should not be included in the regulatory framework designed for traditional financial intermediaries. The organization also urged the SEC to advance an "innovation exemption" mechanism to provide regulatory pilot space for on-chain assets and tokenized securities, pointing out that the comprehensive rule-making process is lengthy, which may delay the implementation of technology and lead to innovation outflow. Previously, Citadel had suggested that the SEC strengthen regulation of DeFi through formal legislative processes.

U.S. Congressman Steven Horsford and Max Miller announced the discussion draft of the "Digital Asset PARITY Act," which aims to promote the development of digital assets and enhance compliance by establishing a unified tax framework.The draft proposes a small tax exemption for regulated dollar stablecoin transactions under $200 to reduce the tax burden in everyday payments; it also allows miners and stakers to defer tax on rewards for up to 5 years. Additionally, the draft plans to extend the rules for false sales and presumed sales to digital assets and introduce tax treatments based on market value, while clarifying the tax rules for digital asset lending and charitable donations. The bill is still in the discussion stage and has not yet been formally submitted to Congress.

According to a report by Cointelegraph, a staff paper from the European Central Bank points out that the governance tokens of DeFi protocols are highly centralized, with about half or more of the holdings of governance tokens for Aave, MakerDAO, Ampleforth, and Uniswap related to the protocol itself or exchanges.The main voting participants are mostly delegated representatives, and in many cases, these representatives cannot be identified or associated with the token holders. The study questions whether DeFi DAOs have sufficient decentralization to be excluded from the MiCA regulatory framework and provides a reference for policymakers to include relevant entities in regulation.

According to Cointelegraph, a court in Texas, USA, dismissed a lawsuit filed by crypto developer Michael Lewellen. Lewellen sought a declaratory judgment from the court, stating that his developed software Pharos (used for donating to charitable crowdfunding activities) would not be prosecuted for violating money transmission laws. U.S. Chief District Judge Reed O'Connor dismissed the case on Wednesday, stating that Lewellen failed to demonstrate a credible and imminent threat of prosecution.Lewellen expressed his disappointment on the X platform, saying, "I am disappointed that the court dismissed my lawsuit today." The court's dismissal opinion also referenced a memorandum from the U.S. Department of Justice, which stated that the department would no longer prosecute virtual currency exchanges, mixing services, or offline wallets for actions or inadvertent violations by their end users. Lewellen added, "The non-binding memorandum from the Department of Justice cannot replace true legal certainty."

According to The Block, as the U.S. Securities and Exchange Commission (SEC) prepares to launch a tokenized asset innovation exemption program, the U.S. House Financial Services Committee held a hearing on March 25 titled "The Future of Tokenization and Securities: Modernizing Capital Markets."Republican Congressman Andy Barr stated that the tokenization of securities is an inevitable trend, and the U.S. needs to lead this process while protecting investors. Some Democratic lawmakers expressed concerns that the innovation exemption might weaken core securities regulation.SEC Chairman Paul Atkins stated that the agency will soon seek public input on a range of issues related to future rulemaking, including a proposed innovation exemption that could serve as a regulatory sandbox for on-chain assets. Additionally, according to crypto journalist Eleanor Terrett, Paul Atkins indicated that the long-awaited tokenization innovation exemption could be introduced in the coming weeks.