SEC Readies Cryptocurrency Regulations Amidst Congressional Stalemate and South Korean Crypto Tax Confirmation
US Securities and Exchange Commission (SEC) Chairman Paul Atkins has hinted that the agency is prepared to issue its own rules for cryptocurrencies if Congress fails to pass the Clarity Act. The act aims to clarify the regulatory framework for digital assets but remains stuck in legislative limbo.
The SEC can use its existing powers to create regulations under the Securities Exchange Act of 1934, said Atkins during a CNBC interview. However, he emphasized that a law passed by Congress would provide greater stability and certainty for businesses, investors, and regulators.
South Korea has also confirmed plans to introduce a crypto tax on January 1, 2027. The tax will apply to yearly gains exceeding KRW 2.5 million, with a separate income tax rate of 20% and a total effective rate of 22% when combined with local taxes.