SEC Hints at Issuing Crypto Rules as South Korea Confirms 2027 Tax

The US Securities and Exchange Commission (SEC) has hinted that it may issue its own rules for cryptocurrencies if Congress does not pass the Clarity Act. Chairman Paul Atkins said the agency is 'ready, willing, and able' to introduce rules covering much of the same ground as the proposed bill.

Athkins emphasized that a law passed by Congress would be preferable, providing a stable set of rules for the industry rather than policies subject to change with each new administration. However, he noted that the SEC can act under its current powers if lawmakers do not complete the legislation.

In related news, South Korea has confirmed that its long-delayed crypto tax will begin on January 1, 2027. The tax will apply a 20% rate to yearly crypto gains above KRW 2.5 million, with local taxes adding an additional 2%. Market analyst Joao Wedson pointed out that Bitcoin often enters a bear market about one year before U.S. midterm elections, but later moves into a longer bull run.