The Hong Kong Institute of Certified Public Accountants plans to improve virtual asset accounting guidelines within the year and is in discussions with the Hong Kong Monetary Authority regarding stablecoin regulations.

Russia plans to draft legislation to crack down on illegal mining; the maximum penalty could be up to 5 years in prison, and 13 regions have already implemented a full ban on mining.

The Russian government has submitted a bill to impose the maximum 2,000,000 ruble fines and up to 5 years in prison for illegal cryptocurrency mining. Of the roughly 50,000 miners nationwide, only 1,500 have registered; the ban has been expanded to 13 regions, and the prohibition will remain in effect until 2031.

Virtual Currency Investment Contract Invalid! Ningxia Court in China Mediates Virtual Currency Investment Dispute

Ningxia Xingqing Court concluded a virtual currency investment dispute. The plaintiff, Mr. Wei, almost lost the case due to an improper choice of cause of action. The case highlights the risks to the enforceability of virtual currency contracts; in particular, contracts signed after 2017 are often held to be invalid. The judge reminded investors to be alert to the risks related to contract enforceability, the choice of cause of action, and the burden of proof, so as to avoid losses of time and costs.

A CEX chief legal officer: The U.S. stablecoin regulatory bill is nearing an agreement on the issue of returns

On April 2, Paul Grewal, the Chief Legal Officer of a certain CEX, said in an interview that the debate over stablecoin yield in the United States’ soon-to-be released “CLEAR Act” is nearing an agreement. He emphasized that although there are disagreements, all parties recognize that other elements of the bill are just as important, and he is optimistic about the bill’s prospects. Grewal opposed conflating the issue of stablecoin yield with challenges facing the banking industry. The CEX and its CEO previously opposed a proposal to limit stablecoin rewards, saying it would harm innovation and consumers’ interests.

The U.S. stablecoin yield bill text was postponed for release because of concerns that it would give opponents an opportunity to delay.

Gate News update: On April 2, crypto reporter Eleanor Terrett disclosed that the text of the U.S. stablecoin yield bill will not be released as scheduled later this week. The delay is due to concerns among the relevant parties that an early release of the bill text would give opponents an opportunity to delay the bill before it is considered in the Senate.

The U.S. Department of the Treasury issues the “GENIUS Act” state-level stablecoin regulation “substantially similar” judgment principles

The U.S. Department of the Treasury issued the broad principles of Section 4(c) of the GENIUS Act, which require that state-level regulation be materially similar to the federal framework, including consistency of standards and requirements that allow adjustments based on local circumstances. It applies to state-qualified issuers of payment stablecoins with issuance of no more than $10 billion.

Gate Daily Report (April 2): The U.S. Department of the Treasury releases a notice of proposed rules for the “GENIUS Act”; the CFTC says it is prepared to regulate the entire crypto market

Bitcoin (BTC) dipped in the short term to $67,600. The U.S. Department of the Treasury launched a small consultation on regulatory guidance for stablecoins under the “GENIUS Act,” and the CFTC Chair said he is ready to regulate the entire crypto market. Amid market developments, spot Bitcoin inflows are slightly higher than outflows, and the CFTC and the SEC have signed an agreement to coordinate digital asset regulation.