US Securities and Exchange Commission chair Paul Atkins has labeled it a big week for crypto as a vote on key market structure legislation looms.
“This is a big week for crypto – Congress is on the cusp of upgrading our financial markets for the 21st century,” said Atkins on Fox Business on Monday.
The market structure bill “fits in with the President’s focus on making America the crypto capital of the world, so if you have clear legislation and clear rules, then you have certainty in the marketplace,” he said.
“We’re behind it, we’re very bullish on the effects of the bill getting to the President to be signed this year, and I think that will be a huge help to the crypto marketplace and investors.”
Clarity is Key For Markets
“The most important thing we can do right now for investors is bring crypto asset markets out of the regulatory gray zone,” the SEC chair said on X following the interview.
He added that passing bipartisan market structure legislation will “help us future-proof against rogue regulators,” in an apparent swipe at previous SEC leadership.
“As David Sacks mentioned, the President has created a financial services regulatory dream team, and I am eager to work with my counterpart at the CFTC, Michael Selig, and across the Administration to implement this monumental legislation in the coming months and years.”
This is a big week for crypto – Congress is on the cusp of upgrading our financial markets for the 21st century. I am wholly supportive of Congress providing clarity on the jurisdictional split between the SEC and the @CFTC. pic.twitter.com/NtDWRW85kL
Bitwise CIO Matt Hougan described the CLARITY Act as the “Punxsutawney Phil of this crypto winter.” Punxsutawney Phil is a famous groundhog that predicts the weather on February 2 in the town of Punxsutawney, Pennsylvania.
“If it sticks its head out but fails in Congress, the winter could continue. If instead it passes and is signed into law, we’re heading to new all-time highs,” said Hougan.
Bitcoin ATH If Approved
Thursday, January 15, is the date that the US Senate has slated for markup of the Act, with the process involving aligning drafts in the Senate Banking and Agriculture committees and pushing the final bill to a vote in Congress.
MN Fund co-founder Michaël van de Poppe commented that a lot of people “underestimate the significance of the CLARITY Act for the entire industry.”
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The GENIUS Act, which regulates stablecoins, has been a “market decider,” however, the CLARITY Act “is that in square,” he added.
“Absolutely the biggest event, already in January, and can decide the entire direction of the ecosystem for the entire year 2026. If positive, Bitcoin towards a new ATH is not far away.”
BTC was down on the day at the time of writing, trading around $91,200, down 28% from its all-time high.
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A new law signed by President Berdimuhamedov allows crypto activity, but strict internet controls and payment bans remain firmly in place.
Turkmenistan has officially legalized cryptocurrency mining and trading, in a significant policy transformation for one of the world’s most isolated countries with a little over 7 million people.
The new law was signed on Thursday by President Serdar Berdimuhamedov.
New Legislation
According to the report by Associated Press, the law places virtual assets under civil law and introduces a licensing framework for cryptocurrency exchanges overseen by the central bank. However, digital assets will not be recognized as a means of payment, currency, or security.
Internet access in Turkmenistan also remains tightly restricted by the state, which may limit the practical use of cryptocurrencies. The move comes as the Central Asian nation continues to rely heavily on its natural gas sector to support the economy. It is currently developing a pipeline project to supply gas to Afghanistan, Pakistan, and India.
Turkmenistan is gradually moving toward greater use of digital systems in both public administration and economic policy. In April 2025, authorities approved a law allowing electronic visas to make it easier for foreigners to enter the country.
After becoming independent in 1991, Turkmenistan gained a reputation for strict border controls, and many visa requests were denied without clear reasons. In 1995, it declared itself a neutral state under then-president Saparmurat Niyazov, who limited foreign influence and ran a highly controlled political system until his death in 2006.
During that period, the economy remained heavily dependent on gas exports, and now China happens to be its primary buyer. Since taking office in 2022, President Serdar Berdimuhamedov has shown signs of limited opening.
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Kyrgyzstan’s MoU With Binance Founder CZ
Another former Soviet Central Asian republic, Kyrgyzstan, is also working towards strengthening its digital asset ambitions in April after Binance founder Changpeng “CZ” Zhao signed a memorandum of understanding (MoU) with the country’s National Investment Agency (NIA).
Announced on April 3 by President Sadyr Zhaparov, the agreement aims to support the development of Kyrgyzstan’s cryptocurrency and blockchain ecosystem. The partnership will see cooperation on regulatory consulting, infrastructure development, and education programs.
According to officials, the focus will be on improving technological infrastructure, enhancing digital asset security, and training local specialists in areas such as blockchain, cybersecurity, and virtual asset management. The NIA said the collaboration is intended to help position Kyrgyzstan as a regional hub for blockchain innovation in Central Asia.
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Although Japan only has 20k–40k active BTC addresses daily, its huge household wealth could flow in via ETFs and regulated funds.
Japan has officially finalized amendments to its crypto regulatory framework that have the potential to increase global Bitcoin demand.
The reforms aim to clarify custodial liability, stimulate institutional participation, and position the country as a safe haven for digital assets.
Reform Could Boost Bitcoin Demand
According to crypto research and education institution XWIN Research Japan, the Financial Services Agency (FSA) has completed its 2025 Working Group on crypto-asset reform, outlining a redesign of the country’s rules. Central to this effort is the transition from the Payment Services Act to the Financial Instruments and Exchange Act, which will provide stronger investor safeguarding.
Notably, the country’s on-chain activity remains limited, with only 20,000 to 40,000 unique active Bitcoin addresses each day compared with a global range of 450,000 to 800,000. This means that it only contributes a small share to global on-chain demand.
However, the report noted that this view is incomplete because Japan holds one of the largest pools of household wealth in the world, which, if allowed to participate through ETFs, regulated funds, or other institutional products, could see the country become a big source for new demand.
“With increased credibility and easier access for large asset managers, Japan may ultimately exert measurable upward pressure on Bitcoin’s long-term supply-demand dynamics,” wrote the market watchers.
Japan Tightens Crypto Rules
The Asian economic powerhouse’s new regulatory approach focuses on protecting investors, recognizing that crypto has become a mainstream investment even as fraud, unregistered platforms, and information gaps continue to grow.
The changes will introduce new measures, including clear disclosures, rules against unfair trading, explanations of issuer risks, stronger security, and closer supervision of business conduct. The FSA plans to take more action against unregistered overseas services and is considering creating a separate category for decentralized exchanges.
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It is also preparing rules that would require local digital asset exchanges to keep liability reserves to safeguard users from hacks and other operational problems, according to Nikkei. The agency will submit the amendments to parliament in 2026 and is also expected to classify cryptocurrencies as securities under the Financial Instruments and Exchange Act.
If approved, crypto platforms would face bans on insider trading, stricter custody audits, and wider disclosure requirements, bringing crypto rules closer to those applied to traditional financial firms.
These reforms are Japan’s first major step toward creating a transparent, secure, and institution-friendly crypto market. The announcement also comes weeks after reports that the FSA is considering allowing banks to hold and trade digital assets like Bitcoin.
CryptoQuant predicts that the steps being taken could put positive pressure on Bitcoin’s long-term supply and demand.
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Arjun Sethi has likened the FCA’s crypto warnings to cigarette labels, calling them discouraging and counterproductive.
Kraken Co-CEO Arjun Sethi has criticized the crypto promotion rules enacted by the UK’s Financial Conduct Authority (FCA), warning that the strict regulatory framework is slowing transactions and limiting access to services for users.
Over the past few months, UK financial watchdogs have come under fire from crypto executives for what many see as an overly cautious approach to the regulation of digital assets.
Cigarette Box Warning on Crypto Sites
In remarks to the Financial Times, Sethi compared the risk warnings on UK crypto platforms to the health warnings seen on cigarette boxes, saying that visiting any digital asset website in the country, including Kraken’s, felt like being told that using the service could be harmful. He further explained that the additional transaction steps imposed under the rules make the user experience worse rather than safer.
Introduced in 2023, the FCA’s Financial Promotions Rule requires all crypto companies operating in the UK to prominently display risk warnings on their websites and add “positive frictions,” such as questionnaires, to gauge whether participants understand the risks associated with crypto investments.
The issue has gained fresh urgency following incidents such as the UK’s decision to ban Coinbase’s “Everything Is Fine” advertisement.
According to the Kraken executive, while disclosures are essential, the UK regulator’s overly rigid approach can discourage customers from investing, potentially leading to missed opportunities. He added that the tighter regulatory atmosphere in the country is denying millions of users of his exchange over 75% of the products that its U.S. customers enjoy.
However, the FCA maintains that its measures aim to safeguard consumers, not discourage investment. It insisted that some users may determine that crypto investing is not suitable for them, an outcome it described as the rules “working as intended.”
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Debate Deepens on UK’s Crypto Direction
Sethi is not alone in his criticism. Only a few weeks ago, Bivu Das, the managing director of Kraken UK, spoke of the country’s regulatory measures and the slow approach by watchdogs to set a proper framework.
He added that the Bank of England’s proposal to cap individual stablecoin holdings lacked clarity, a concern also raised by the vice president of international policy at Coinbase, who noted that no other major jurisdiction had introduced such caps.
However, not all observers share these concerns. David Heffron, a financial regulation partner at Pinsent Masons, argued that the Bank of England’s new direction demonstrated a strong focus on financial stability. Likewise, Hannah Meakin of Norton Rose described the move as a foundational step toward maintaining the UK’s competitiveness in digital finance.
Meanwhile, Kraken has continued strengthening its international footprint despite regulatory hurdles, recently acquiring Small Exchange, a CFTC-licensed Designated Contract Market, in a $100 million deal.
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Digital commodities, collectibles, and practical tokens will fall outside the oversight of the SEC under Project Crypto.
The U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins has detailed the next phase of “Project Crypto,” guiding how digital assets will be regulated under federal securities laws.
The effort builds on work led by Commissioner Hester Peirce and the Crypto Task Force, which focuses on transparent and economically fair treatment of cryptocurrencies.
SEC Clarifies Which Tokens Are Not Securities
In a recent address, Atkins talked about the uncertainty surrounding crypto classification over the past decade, explaining that most of it comes from the changing nature of digital assets. According to him, a cryptocurrency being part of an investment contract under the Howey test does not make it permanently a security because such agreements can end. “I believe that most crypto tokens trading today are not themselves securities,” he said.
The new framework is based on a proposed token taxonomy that categorizes cryptocurrencies by function and the purchaser’s expectations. Under this approach, digital commodities, or network tokens, are not classified as securities. Similarly, digital collectibles, such as NFTs, are also excluded from this category because buyers do not anticipate profits from the managerial efforts of others.
Digital tools, which serve practical purposes like memberships, tickets, credentials, or identity verification, are also outside SEC oversight. On the other hand, tokenized securities continue to be regulated as securities.
Atkins further discussed the application of the Howey test, which identifies investment contracts as involving the putting of money in a common enterprise with an expectation of getting profits from the efforts of others. He said that once the issuer fulfills, fails to satisfy, or terminates their managerial promises, the tokens may continue to trade without being considered securities.
The initiative also includes plans for exemptions and a special offering for digital assets tied to investment contracts. The SEC will coordinate with Congress, the Commodity Futures Trading Commission (CFTC), banking regulators, and other stakeholders to create a regulatory environment that supports innovation while maintaining investor protections.
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Fraud remains subject to enforcement, and anti-fraud provisions will also apply to tokens no longer classified as securities.
Shift for Digital Assets
Project Crypto, first launched in July 2025, aims to provide clarity, fairness, and integrity for developers, investors, and intermediaries. Headed by Atkins and Peirce, the initiative was started to differentiate between securities and other digital assets.
This week is proving pivotal for those looking for clearer rules around crypto. On November 10, the Senate Agriculture Committee shared a draft plan to regulate digital asset commodities. That same day, the U.S. Treasury and IRS issued guidance allowing staking on crypto ETPs and passing staking rewards on to retail investors.
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Revenue Procedure 2025-31 lets ETPs distribute staking rewards directly to investors without triggering extra taxes.
The U.S. Treasury and the IRS have announced a new safe harbor that allows crypto exchange-traded funds (ETFs) to stake digital assets without paying extra tax.
The guidance resolves a regulatory challenge that previously prevented asset managers from participating in staking networks due to concerns about potentially violating tax laws.
Safe Harbor Guidance
Under Revenue Procedure 2025-31, ETFs and trusts are now allowed to stake digital assets and share the rewards directly with investors. Treasury Secretary Scott Bessent stated on November 10 that the move is intended to enhance investor benefits, promote innovation, and maintain America’s position as a global leader in digital asset and blockchain technology.
Under the previous framework, tax law prohibited a trust from controlling its investments or operating a business for profit. This created a challenge because actively managing staking could lead the IRS to classify the product as a corporation. If that happened, the trust’s rewards would be subject to corporate taxes, making the activity unprofitable for investors.
The revised policy creates a safe harbor where staking rewards earned within an ETP framework do not automatically create immediate tax liabilities for individual investors. Consensys lawyer Bill Hughes explained the update, stating, “[The guidance] transforms staking from a compliance risk into a tax-recognized, institutionally viable activity.”
To take advantage of the protection, an ETF must follow strict rules. The investment products must operate on a national securities exchange and have all activities and disclosures approved by the SEC. The trust can hold only cash and one type of proof-of-stake digital asset, and management is limited to essential tasks, such as accepting assets, paying expenses, and distributing rewards.
Earning profits from market fluctuations is also not allowed, and a third-party custodian must hold the private keys and work with an independent staking provider.
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New Rules Accelerate a Growing Trend
This new tax clarity arrives as asset managers are already expanding their offerings. The regulatory path for such products was partly cleared in August when the SEC’s Division of Corporation Finance issued a bulletin stating that certain liquid staking activities do not fall under securities laws.
Many experts saw the determination as the last major obstacle for the SEC to approve staking in spot Ethereum ETFs. It set the stage for new products, including the first Solana staking ETF, which launched in the United States back in July.
BMNR Bullz, a well-known X account, described the development as a major victory for ETH and crypto ETFs, suggesting it could open the door to trillions of dollars in institutional capital and accelerate mainstream digital asset adoption.
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The SEC and FINRA have launched an investigation into suspicious trading activity before publicly traded companies announced plans to acquire crypto.
Regulators believe some investors may have profited from having prior, non-public knowledge of these crypto-treasury announcements, potentially violating fair disclosure rules.
Possible Breach of Fair Disclosure Rules
The investigation focuses on publicly traded digital asset treasury (DAT) firms, which are companies that declare plans to acquire capital and buy cryptocurrencies. More than 200 DATs went public this year, and some of them are currently in contact with regulators.
Regulators identified “suspicious trading patterns”, including high trading volume spikes and sudden price rises in the days or hours before firms announced their crypto-buying plans. The actions suggest that at least some investors might have been profiting by trading on inside information.
SEC officials have already cautioned several companies over potential Regulation Fair Disclosure (Reg FD) breaches, a provision requiring material, nonpublic information to be broadly disclosed rather than selectively. The financial watchdog is concerned that some were tipped about impending crypto buys and profited by selling the companies’ stock ahead of the news release.
Experts agree that these breaches put market value at risk and expose businesses to legal repercussions and reputational consequences. Even in the larger non-crypto financial market, the agency has never had such reservations about Reg FD violations. Therefore, this level of scrutiny raises the likelihood that crypto-treasury firms will face tighter restrictions in the near future.
Corporate Crypto Boom Under the Microscope
The investigation occurs against a backdrop of more businesses moving to adopt cryptocurrency. Early movers have already helped digital asset treasuries attract over $20 billion in venture capital this year, with more than $100 billion committed to crypto buying plans.
Public firms now hold over 1 million BTC, valued at $113 billion, and 5.26 million ETH, worth $20.6 billion. Monthly DAT raises peaked at $6.2 billion in July, representing the highest single-month total ever recorded.
Regulators now face the challenge of ensuring this growing trend does not open new avenues for insider trading and selective disclosure.
Advocates argue that investment by corporate treasuries signals confidence in the long-term value of cryptocurrencies. However, there remain concerns over the pace at which companies disclose market information and raise funds, which could encourage selective disclosure, leaks, and manipulative trading.
The SEC and FINRA have said that the crypto treasury boom must operate within existing securities laws and are moving proactively against suspicious patterns. If misconduct is uncovered, enforcement action could follow, setting a precedent for future regulation of corporate digital asset adoption.
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Most tech firms like to operate under the adage of “ask forgiveness, not permission,” but they don’t even have to do that when they have lenient overseers like Ted Cruz trying to preemptively tell them to go ahead and get reckless. According to a report from Bloomberg, the Texas Senator plans to introduce legislation that will waive federal regulations for artificial intelligence companies and allow them to test new products without the standard scrutiny or oversight.
The proposed bill, which is still being drafted and has not yet been introduced, would reportedly allow AI firms to apply for a two-year waiver that would protect them from having to comply with any “enforcement, licensing, or authorization” requirements from the federal government. Instead, they’d operate in what Bloomberg calls a “regulatory sandbox” that would be operated by the White House’s science and technology office, which is currently headed by Michael Kratsios, the former managing director and head of strategy for Scale AI. So, you know, don’t expect much in terms of crackdowns.
In addition to the two-year hall pass, companies would reportedly be able to apply for eight more years of freedom. That would be a total of 10 years of unregulated development, which is in line with the previously proposed 10-year ban on state-level regulations that would govern how companies can operate. That proposal, which was initially part of the One Big, Beautiful Bill but eventually got voted down by a 99-1 count, was also brought by Cruz. It’s enough to give you the sense that maybe the Senator really wants to axe those guardrails.
While it’s not clear yet what provisions will make it to the final copy of the bill, Bloomberg reported the expectation is that Cruz will introduce the proposal on Wednesday while Kratsios is testifying before the Senate. If he does, it’ll make good on something he’s been promising AI firms for months. He first floated the idea of a “light touch” approach to AI regulations back in May, and Politico first reported on this expected piece of legislation last month. Whether it passes will likely depend on whether Republicans have remained skeptical enough of the technology to not fully strip away the ability to regulate it, though the fact that they let states retain their rights to pass AI-related laws might make it more likely that they sign on to letting the federal rules get lax.
A Colorado jury on Friday awarded $21 million to a woman who was paralyzed when she fell from a ski lift at Crested Butte Mountain Resort three years ago.
The jury verdict comes just over a year after the Colorado Supreme Court considered the woman’s case and ruled that liability waivers do not protect ski resorts when resorts violate state laws or regulations. That ruling allowed the lawsuit to go forward and likely ended a push by ski resorts to use such waivers to shield themselves from almost all lawsuits.
The case and its $21 million verdict may open up new avenues for skiers to sue ski operators, particularly over incidents involving chairlifts, said Brian Aleinikoff, an attorney for Annie Miller, the woman who fell in 2022.
“For the longest time, ski areas have been so insulated from lawsuits,” he said. “…At the end of the day the ‘inherent dangers’ and risks of skiing aren’t going to change. If you are skiing and you hit a rock or a bare patch or some ice or you go over a cliff, that is on you. But I think how some of the ski lifts operate — that is really where this will have the biggest impact moving forward.”
Jurors on Friday awarded the family $5.3 million in non-economic damages, $10.5 million in economic damages and $5.3 million in damages for physical impairment and disfigurement, according to an order from 17th Judicial District Court Judge Jeffrey Smith.
The jury assigned 25% of the fault for the incident to Miller and 75% of the fault to Vail Resorts, which owns Crested Butte Mountain Resort. Vail Resorts expects to pay a total of $12.4 million in damages both because of the jury’s assignment of fault and a statutory cap on non-economic damages.
“We disagree with the decision and believe that it was inconsistent with Colorado law,” Katie Lyons, communications manager for Vail Resorts, said in an email. “Still, we recognize the personal toll this accident has taken on Ms. Miller and her family, and we wish her continued strength in her recovery. We remain committed to the highest safety standards in our operations.”
Miller, now 20, was 16 when she fell 30 feet from a four-seat, high-speed chairlift at Crested Butte on March 16, 2022. Miller boarded the Paradise Express lift with her father, but couldn’t get properly seated, and grabbed the chairlift to keep from falling.
Her father and others began to yell for the lift to be stopped as she was dragged forward, but the lift continued with Miller hanging from the chair and her father trying to pull her back to safety.
Eventually, Miller fell and landed on her back. Even then, the lift did not stop, and her father, Michael Miller, was forced to ride to the top and ski down to his daughter, who suffered severe injuries and was paralyzed after the fall.
Michael Miller brought a negligence lawsuit against Crested Butte, arguing that the resort employees should have stopped the lift before his daughter fell.
Annie Miller is now a junior at the University of Tulsa, where she is studying music and psychology, Aleinikoff said.
“We are trying to hold ski areas accountable to ensure they are following the safety rules and violations they have agreed to follow, in order to protect folks like Annie Miller who come out and want to ski,” he said. “To me it is not asking that much of them.”
More than $250 million down, another $530 million to go.
That’s how much of a projected $783 million state budget hole the Colorado legislature filled by the time a special session called to address the impact of the federal tax bill ended Tuesday afternoon — and the larger amount that still remains. Erasing the rest of the red ink will fall to Gov. Jared Polis, who plans to rebalance this year’s budget in the coming days through a mix of cuts to state funding and a big dip into the rainy-day fund.
Over six days, the legislature’s majority Democrats fulfilled their part of a plan worked out with the governor’s office: to pass legislation that is expected to generate enough revenue to close about a third of the shortfall projected for the state’s budget in the current fiscal year, which began July 1. They ended tax breaks and found other ways to offset declining state income tax revenue, while leaving spending cuts largely for Polis to decide.
“What we did here in this special session is soften the blow,” said Sen. Jeff Bridges, a Greenwood Village Democrat who chairs the legislature’s budget committee. “But when the federal government cuts $1.2 billion in revenue from the state with a stroke of a pen, after we’ve already cut $1.2 billion (from the budget) in the regular session, that’s a tough deficit to come back from in a way that doesn’t impact the people of Colorado.”
The special session ended with 11 bills going to Polis for final approval. Five sought to fill the budget gap, largely by ending tax incentives for businesses and high-income earners.
The single largest revenue-raising measure, House Bill 1004, will auction off tax credits that can be claimed in future tax years for a discount. Backers expected that bill to bring in an additional $100 million to state coffers this year, at the expense of about $125 million in future years.
Together, those measures add up to $253 million in revenue to reduce the projected deficit — money that Democrats say represents averted cuts to Medicaid, schools and hospitals.
“Colorado legislators stepped up and helped protect children’s food access and minimized the devastating cost increases to health insurance premiums across the state, to the best of our ability,” Polis, who signed two of the new bills earlier Tuesday, said in a statement.
The legislature’s Joint Budget Committee expects to meet Thursday to hear Polis’ plan to address the remaining $500 million or so, including mid-year spending cuts.
As part of his call for a special session on Aug. 6, Polis announced a statewide hiring freeze. He said in an interview before the session started that he hoped to avoid cuts to K-12 education, but he has left all other options on the table, including Medicaid program spending.
The plan also factors in a significant use of reserves to offset some of the remaining gap.
Partisan debates
Over the past week, Republicans fought the Democrats’ bills, but strong Democratic majorities in both legislative chambers all but preordained the outcome.
“Not only did we increase taxes, we’re balancing the budget on the back of small businesses,” said Sen. Barbara Kirkmeyer, a Brighton Republican on the budget committee.
One of the bills heading to Polis would erase a fee paid by the state to businesses for collecting sales taxes — an outdated subsidy, according to Democrats, and an unnecessary new burden now put on businesses, according to Republicans.
Republicans said before the session that they’d likely challenge several bills in court over allegations that they violate provisions in the Taxpayer’s Bill of Rights that require voter approval for tax increases. Kirkmeyer and Rep. Rick Taggart, a Grand Junction Republican who’s also on the budget committee, said bills going to the governor that would eliminate some tax credits and allow the sale of tax credits against future collections seemed particularly vulnerable to a challenge under TABOR.
Debate throughout the special session took a distinctly partisan edge. Democrats laid the cuts on congressional Republicans and President Donald Trump and called the federal tax bill a de facto theft of benefits from the poorest Coloradans to benefit the wealthiest.
Republicans countered that the federal bill delivered much-needed tax cuts, and they said Democrats sought to yank those away instead of cutting partisan priorities.
Legislators begin to gather in the Senate Chambers before the start of another day of the special legislative session at the Colorado State Capitol in Denver on Aug. 26, 2025. (Photo by RJ Sangosti/The Denver Post)
Bills on wolves, artificial intelligence
Other bills passed sought to respond to different aspects of the federal bill, formerly known as the “One Big Beautiful Bill Act,” as well as other priorities.
Lawmakers stripped general fund money away from the voter-approved program to reintroduce wolves in the state, though releases are expected to continue this winter. They tweaked ballot language for a measure about taxes for universal school meals to allow that money to go to general food assistance, as well, if voters approve it in November.
The legislature also approved a bill allowing state Medicaid program to pay Planned Parenthood for services provided, after the federal government specifically barred federal money from going to the organization.
Polis included in his call of the session that lawmakers address concerns swirling around the state’s first-in-the-nation regulations of artificial intelligence after a similar effort in the spring blew up. The rules now in law go into effect in February.
After days of bruising negotiations, lawmakers punted on any new changes and delayed the existing rules from going into effect until the end of June — giving them time to resume the debate during the next regular legislative session in January.
Opinions expressed by Entrepreneur contributors are their own.
Directors and Officers (D&O) insurance — which protects business leaders from personal losses if they are sued due to their decisions made on behalf of the company — is a critical component of risk management for businesses of all sizes. Small to mid-size businesses (SMBs) and non-profits, in particular, face growing pressure to secure this coverage as they navigate regulatory complexities, market volatility and increased exposure to lawsuits. The outcome of the 2024 election will likely shape the Directors & Officers insurance market in several key ways, particularly through changes in regulatory frameworks, litigation risk and corporate governance expectations.
1. Regulatory and compliance pressures
D&O insurance premiums are heavily influenced by the regulatory environment that business leaders operate within. Regulatory enforcement and new compliance requirements can significantly increase the exposure of directors and officers to lawsuits and regulatory actions, impacting the cost and availability of Directors & Officers insurance.
Republican influence: If Republicans gain control, we could see a rollback of certain regulations, particularly in sectors such as finance, healthcare and environmental protection. Reduced regulatory enforcement may lower litigation risks for directors and officers, which could stabilize or even reduce the cost of Directors & Officers premiums for SMBs. However, less regulation could also lead to greater public scrutiny and private litigation, which could offset some of these benefits, especially in industries where consumers or shareholders are more likely to take legal action in response to perceived misconduct. This could potentially affect non-profits more than most businesses.
Democratic influence: A Democratic victory could lead to more robust regulatory enforcement, especially in areas like environmental compliance, data privacy and corporate governance. This increased regulatory pressure may heighten the risks for directors and officers, making the cost of Directors & Officers insurance more expensive and harder to secure. SMBs, which often have less robust compliance programs than larger corporations, could see a significant uptick in the cost of their Directors & Officers premiums in the elevated risk of regulatory actions and lawsuits.
D&O insurance protects business leaders against lawsuits from shareholders, employees, competitors and regulatory bodies. The legal landscape that shapes these risks can shift dramatically based on political control, impacting the frequency and severity of claims filed against directors and officers.
Republican influence: A more business-friendly environment under Republican leadership may reduce the overall litigation risk for companies, potentially easing the burden on Directors & Officers insurers. There may be fewer regulations and less aggressive enforcement of corporate accountability laws, resulting in lower claims activity. This could translate into lower premiums for SMBs, as insurers face reduced risk of large payouts.
Democratic influence: A Democratic-led administration could lead to increased accountability measures, such as more aggressive oversight on Environmental, Social and Governance (ESG) issues and expanded legal protections for employees and shareholders. These policies could lead to a higher frequency of lawsuits, particularly around issues of corporate governance, labor practices and climate-related risks. As a result, Directors & Officers insurers may raise premiums or tighten underwriting standards, especially for SMBs that might not have the same level of risk management resources as larger companies.
3. ESG (Environmental, Social and Governance) considerations
The push for stronger ESG standards has already begun influencing the Directors & Officers insurance market, with insurers increasingly focusing on how companies manage risks related to climate change, diversity and corporate ethics. The 2024 election could either accelerate or slow down this trend, affecting how D&O policies are priced and underwritten.
Republican policies: A Republican administration may downplay the importance of ESG regulations, reducing the pressure on businesses to meet stringent ESG criteria. This could lead to fewer claims related to ESG failures, keeping the cost of Directors & Officers insurance premiums lower for businesses not heavily invested in ESG compliance. However, directors and officers may still face reputational risks, which could result in private litigation even in the absence of regulatory enforcement.
Democratic policies: A Democratic government is likely to intensify the focus on ESG issues, increasing the expectations placed on directors and officers to ensure that their companies comply with environmental standards, social justice initiatives and governance reforms. This heightened scrutiny could lead to more claims being filed against directors for failing to meet these expectations, pushing up the cost of Directors & Officers insurance premiums even higher for businesses seen as lagging in ESG efforts. SMBs, in particular, may struggle to meet these requirements, further increasing their risk exposure. This may become an added benefit or consequence for non-profits depending on their market and mission.
4. Cybersecurity Risks and D&O Insurance
Cybersecurity is an area of growing concern for directors and officers, especially in an increasingly digital world. The exposure to lawsuits stemming from data breaches, ransomware attacks and failure to protect sensitive customer information is on the rise, and D&O policies are evolving to address these risks.
Republican Influence: A Republican administration may adopt a lighter regulatory touch when it comes to cybersecurity, focusing more on voluntary guidelines rather than strict enforcement. While this could reduce immediate compliance costs for businesses, it may increase litigation risk if cyberattacks lead to major breaches and subsequent shareholder lawsuits. Directors and officers could still be held personally liable for failing to implement adequate cybersecurity protections, which could impact the cost of Directors & Officers premiums.
Democratic Influence: A Democratic administration may impose stricter regulations around data privacy and cybersecurity. This could lead to greater liability for directors and officers, especially if their companies suffer breaches or fail to meet enhanced security standards. Insurers may respond to this heightened risk by raising the cost of Directors & Officers premiums, particularly for businesses in sectors that are frequent targets of cyberattacks, such as healthcare, finance, and retail.
October is National Cyber Security month and a great time to audit your online security. During this annual event, government and cybersecurity leaders and the insurance community, come together to raise awareness about the importance of cybersecurity. If you want to audit your cybersecurity, here arenine essential cybersecurity controls you can implement to manage your exposure.
Navigating the D&O insurance landscape post-election
For small and mid-size businesses and non-profits, the D&O insurance market is likely to experience significant shifts depending on the outcome of the 2024 election. The regulatory environment, litigation landscape and corporate governance expectations will play a critical role in shaping the cost of Directors & Officers insurance.
Regardless of the election outcome, SMBs should prepare for potential changes by reassessing their risk management strategies and ensuring that their directors and officers are well-protected against evolving risks. Working closely with insurance brokers to tailor D&O coverage to the specific needs and vulnerabilities of the business will be crucial in maintaining effective coverage at a reasonable cost in the post-election environment.
Compassion Center, along with Coalition For Patient Rights (CPR) and allied organizations, calls on the DEA to fully deschedule cannabis, not reschedule it to CSA Schedule III. The move seeks to preserve patient rights to home-grown medicine, ensure affordable access, and protect small businesses. Compassion Center and CPR will be joining a unified rally of the people, taking place on December 2nd at the DEA Museum, demanding fair reforms on cannabis laws for patients nationwide. Join CPR In Supporting Compassionate Cannabis Reform!
Online, October 24, 2024 (Newswire.com)
– Compassion Center, a pioneering leader in integrative and alternative healthcare, mental health and medical cannabis advocacy, announces its solidarity with the Coalition For Patient Rights (CPR), United Empowerment Party and Nicholas Barreto, Atlas Alchemy LLC and The Key, Dopeass Glass and Jack Long, Elune Solutions,Farmer Tom Organics and Farmer Tom Lauerman, Medical Cannalyst Consulting Group LLC (MCCG), Integrative Providers Association (IPA), the Stormy Ray Cardholders’ Foundation (SRCF) and Cannalogix, and other allied organizations in urging the United States Drug Enforcement Administration (DEA) to fully DESCHEDULE cannabis from the Controlled Substances Act (CSA) NOT RESCHEDULE. This joint effort seeks to empower and protect patients and patients’ rights, and their medical providers’ licenses, particularly in states where medical marijuana is legally established and accessible, and further prevent harm to vulnerable communities under any reclassification to CSA Schedule III.
FACT: 70% of the U.S. constituency are in favor of descheduling and are against rescheduling. With over 43K comments, to the DEA Scheduling Proposal, the people have not only spoken out about rescheduling, but have taken affirmative action against schedule III and want total descheduling of marijuana (cannabis). This is the most comments in history for any proposal ever- according to the federal register. Coalition For Patient Rights (CPR) encourages the federal government and our lawmakers to take notice, and listen to the widespread voice and will of The People: Vox Populi.
Patients, caregivers and their families are encouraged to take an hour out of their day and get involved by contacting each of their state legislators and congressional representatives to voice their continued support for this effort, and then to donate directly to CPR and its patients’ rights campaign via Compassion Center, scanning the attached QR code or visiting the CPR website at: https://coalitionforpatientrights.org/donate/
While many businesses can donate directly to CPR and apply that donation towards their tax liabilities, individual contributions to CPR via the Compassion Center are considered tax deductible to the extent of an individual’s tax circumstances and liability because Compassion Center is a 501(c)(3) charity.
The DEA’s recent consideration, and redirection in Rescheduling cannabis to Schedule III has raised significant concerns within the medical cannabis community, and rightly so, too. While this move may appear to alleviate some barriers for patients and producers alike- like opening up doors to insurance billing and reimbursements for patients and/or alleviating banking restrictions for dispensaries and/or producers- it would, however, directly impose new, stringent regulations that would cripple patients’ ability to grow their own medicine and severely impact their current supply chains. The CSA Schedule III classification introduces severely heightened oversight with supervision, and tracking of the various ingredients used to produce cannabis, disproportionately infringing upon patient rights and civil liberties while simultaneously affecting the dispensaries, producers and processors, and the very patients who rely on the plant for relief so the intended benefits will be lost in the red tape that is used to hold it together.
“We simply cannot afford to marginalize and disadvantage patients any further by restricting their legal access to their specific home-grown cannabis cultivars, nor by making it harder for their producers and their local dispensaries to continue serving the community,” said Julie Monteiro, RN, BSK, President of Compassion Center and Integrative Providers Association (IPA). “A CSA Schedule III classification will only burden our patients more, many of whom are considered indigent, with overreaching restrictions, while leaving taxpayers in a difficult position as these patients exhaust all their financial resources and state support through systemic suffering.”
Patients, particularly those in medically underserved and economically disadvantaged communities, have found home cultivation to be a lifeline in managing their chronic health conditions. Some of those patients have developed an entire routine around healing through cultivation and connecting with their plants. A move to Schedule III would make home growing of cannabis illegal, forcing these patients to rely exclusively on state licensed dispensaries, and the products that those dispensaries may have on hand. CPR feels that this is asking for trouble, especially with the traditions of the cannabis industry focusing on what is making the most profit and not necessarily on what makes the most impact on symptoms. Dispensaries are currently strained by disproportionately leaning burdens where they are expected to simultaneously compete with other dispensaries and the illicit market, while navigating ever-changing state laws and regulations. Producers themselves would face extensive oversight and additional costs to produce and market their produce, resulting in diminished access to affordable cannabis, ultimately harming those who need it most.
Compassion Center stands united with the Coalition For Patient Rights (CPR) in advocating for the full Descheduling of cannabis to ensure equitable access for all patients, maintaining their right to grow their own whole-plant medicine, and protecting the small businesses that serve as pillars of the medical cannabis industry. Descheduling cannabis is the only real way to truly eliminate the unjust and excessive regulations that have historically and disproportionately criminalized a plant with proven therapeutic benefits.
“We are at a crossroads,” says James B. “J.B.” Creel, PgM, an administrator and registered lobbyist for the Compassion Center and the Integrative Providers Association (IPA). “Descheduling the cannabis plant presents an opportunity for our lawmakers to realign public policy with the needs of our patients and mother nature, and the cannabis industry in general, particularly in states that have led the way in cannabis reform. Anything less will just push patients further into hardship, harming small businesses, and placing unnecessary burdens on hardworking taxpayers, all while strengthening the illicit market.”
The Compassion Center and its coalition partners urge the DEA to prioritize patient rights and public health while balancing liberty and freedom with economic fairness by descheduling cannabis, creating a framework that supports the freedom and wellbeing of those who rely on it most.
Call To Action:
December 2nd Deschedule Not Reschedule Rally: Join CPR, Compassion Center and our Allies on December 2nd, 2024 across the street from the DEA Hearing at the DEA Museum, 700 Army Navy Dr, Arlington, VA, 22202. Starting at 8 AM with assembly beginning at 7:30 AM, for what forecasters believe will be the most historic cannabis hearing ever on rescheduling from Schedule I to Schedule III under the Controlled Substances Act (CSA). We are demanding the full Descheduling, however, Not Rescheduling to ensure equal access and address the historical injustices of the failed War on Drugs. Prohibition has led to discrimination in rental housing, healthcare, mental health, family law, criminal justice and other legal systems, denying the many millions of Americans who use medical cannabis access to its well-documented therapeutic and proven medical benefits, despite minimal risks for addiction and/or adverse effects on health. Rally with Us during the DEA Hearing to Reschedule Cannabis. United organizations are in support of FULLY DESCHEDULING CANNABIS AND NOT RESCHEDULING.
For more information on Compassion Center, and its integrative medical cannabis clinic and the various state medical cannabis program registrations, visit: https://compassion-center.net
For more information on Compassion Center and its patient advocacy efforts, please visit: https://www.Compassion-Center.org or call 1-844-THC-COMPASSION.
About Compassion Center Compassion Center is a pioneering leader in integrative healthcare and medical cannabis advocacy since 2001, serving patients in Oregon and 18 other states. The organization is dedicated to creating equitable access to medical cannabis, integrative and alternative healthcare and mental health care solutions, particularly for underserved, marginalized, and economically disadvantaged populations.
In a post on X on Sept. 4, the American billionaire businessman said that Bitcoin has been an outsider to the TradFi community over the past five years, and it’s only now “dipping its toe into global finance.”
He added that his firm, Cantor Fitzgerald, will help the traditional finance sector onboard Bitcoin as it wants new asset classes.
“Cantor will help tradfi bring Bitcoin all the way in. Tradfi wants new asset classes, and BTC is here to stay.”
TradFi Companies Want Bitcoin
Howard William Lutnick succeeded Bernard Gerald Cantor as the head of Cantor Fitzgerald in 1991. The firm is an American financial services company founded in 1945 with $480 billion in assets under management (AUM).
In late July, Cantor announced plans to launch a Bitcoin financing business to provide leverage to investors who hold BTC. The firm stated at the time that it aims to launch with $2 billion in initial financing and will continue to grow the operation substantially.
In his latest appraisal of the asset, Lutnick said there were still hurdles to mainstream onboarding because banks still can’t clear it, can’t transact in it, can’t custodian it, and won’t finance it … yet.
“I think people misunderstand traditional financial service companies – they want to transact with Bitcoin, they want new asset classes to transact in.”
Over the last five years, #Bitcoin has been an outsider to the tradfi community, and it’s only now dipping its toe into global finance. Cantor will help tradfi bring Bitcoin all the way in. Tradfi wants new asset classes, and $BTC is here to stay. pic.twitter.com/XdMMuw254p
However, they need regulators to “say its okay,” he added. Banks do not want to hold Bitcoin because they have to lock away the equivalent in cash, he said. But if there was regulatory approval, “you will see all the traditional financial services companies, the big banks, the big brokerage companies, they’re all going to go head first into Bitcoin.”
He said it was a slow and steady process, but eventually, there will be a Commodity Futures Trading Commission (CFTC) chair who says Bitcoin is a financial asset, and we’re going to treat it as such.
“When that happens, you’re going to see Bitcoin move in a very strong, positive direction,”
Ultimately, as Bitcoin “gets invited to this party” over the next five years, up it will go, the billionaire executive concluded.
But Not Yet …
Unfortunately, bitcoin’s price is going in the other direction today, with a slump of more than 4%, falling back to support levels at $56,600.
The asset has been slowly downtrending since mid-March, having now lost 23% from its all-time high.
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Colorado air pollution regulators made the rare move this month to extend the public comment period on a permit that would allow a pipeline company to expand its gasoline storage facility across the street from an elementary school in a neighborhood north of Denver.
The extension comes amid criticism that regulators at the Colorado Department of Public Health and Environment and executives at Magellan Pipeline Company did not communicate with people about plans to expand gasoline storage at the Dupont Terminal at 8160 Krameria St. in unincorporated Adams County.
The expansion would increase the amount of toxins released into the air in a community that already suffers a disproportional amount of pollution compared to the rest of the state.
Several crypto industry figureheads met with White House officials on Thursday morning to attempt to mend relations between the emerging fintech sector and the U.S. Democratic Party, according to FOX Business.
The meeting reportedly grew tense when the government denied the industry’s claims that there was a coordinated effort to cut off crypto firms from the banking system – a conspiracy widely referred to as “Operation Chokepoint 2.0.”
Crypto’s Banking Troubles
As reported Thursday, Deputy Treasury Secretary Wally Adeyemo told crypto attendees that regulators weren’t actively trying to cut off crypto from the financial system.
In response, one of the crypto executives in attendance asked for a show of hands for whose crypto companies had been denied banking access due to White House policies. Almost all industry members raised their hands – a group including Mark Cuban, Anthony Scaramucci, alongside representatives from Coinbase, Kraken, Uniswap, and other firms.
“Executives didn’t hold back on telling the administration reps how much damage they’ve done to the crypto industry and to the Democrat Party with their actions against digital assets,” said one attendee, according to FOX. “They basically just got yelled at.”
Crypto’s banking troubles date back years now, beginning in earnest after the collapse of FTX, which kicked regulatory clampdowns against blockchain firms into high gear.
Nic Carter, partner at Castle Island Ventures, published a blog post titled “Operation Choke Point 2.0 Is Underway” in February that detailed some of these earlier efforts. One such action included guidance from the OCC, FDIC, and Federal Reserve discouraging banks from servicing crypto companies.
Just a month later, crypto-friendly banks including Silvergate Bank, Signature Bank, and Silicon Valley Bank were all forced to close their doors. The coincidental fall of all three firms – which sent crypto firms struggling for banking lifelines abroad – was interpreted by the bank’s own leaders as sending a strong “anti-crypto message.”
“Harris admin flunkies try and pretend there’s no systematic unbanking – meanwhile every crypto representative on the call says they’ve been unbanked. Reset going great!” said Nic Carter in response to the news.
Will Democrats Come Around On Crypto?
Despite the tensions at Thursday’s meeting, some crypto moguls are optimistic in seeing the Harris administration at least try to productively engage with them.
“My colleagues in the crypto space understandably want action now, but that’s not how things work in Washington,” said Anthony Scaramucci, founder of SkyBridge Capital. “ I think we’re making steady progress.”
Coinbase CLO also came away with hope, calling Kamala Harris the “perfect candidate to be a strong new face for crypto and make a break with the past.”
Still, many remain skeptical that the administration’s kind gestures will translate into proper policy actions. Gemini co-founder Tyler Winklevoss, for example, questioned why Harris herself had not appeared at the virtual roundtable.
Doubt grew further on Thursday with the revelation that Customers Bancorp had been hit with a Federal Reserve enforcement action, which now forces the bank to give the Fed 30 days advance notice before entering any new relationship with a digital assets company.
“The Fed confirmed that Operation Choke Point 2.0 remains in full swing, provided valuable insight into how it works, and verified that the Harris crypto “reset” is a scam,” said Winklevoss.
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While Indian crypto users were granted no relief from the draconian tax rules in the country’s budget for 2024-2025, a “discussion paper” outlining its policy stance on the industry could be released before September this year.
The main objective behind the discussion paper is to gather inputs from relevant stakeholders on the ideas outlined in it.
India’s Crypto Discussion Paper
In an interview with Moneycontrol, India’s Economic Affairs Secretary Ajay Seth said that the discussion paper will include suggestions on how to regulate cryptocurrencies in India, which currently is only covered under anti-money laundering (AML) and electronic funds transfer (EFT) laws.
Other important focus areas will be to explore whether the scope of regulation should be expanded and what the policy stance should be.
An inter-ministerial group, including members from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), is developing a broader policy on cryptocurrencies. The discussion paper is anticipated to be ready before September.
“The policy stance is how does one consult relevant stakeholders, so it is to come out in the open and say here is a discussion paper these are the issues, and then stakeholders will give their views.”
India’s plan to release a discussion paper comes in response to G20 countries’ support of the International Monetary Fund (IMF) and Financial Stability Board (FSB) guidelines during India’s G20 presidency last year. The IMF-FSB synthesis paper advised against a hostile approach, such as an outright ban on crypto activities, highlighting the difficulties in enforcing such a measure.
In a statement to CryptoPotato, the co-founder of CoinDCX, Sumit Gupta, said that he is optimistic about the Indian government’s move to establish an Inter-Ministerial Group to review and release a consultation paper. The exec added,
“This initiative is a significant step toward shaping the future of the rapidly evolving and dynamic Web3 industry in India. As key stakeholders in this sector, we urge the government to actively seek input from domestic businesses. Engaging with local businesses will ensure that the regulatory framework is robust, inclusive, and supportive of innovation.”
No Tax Relief for Indian Crypto Investors
While India lacks a thorough crypto regulatory framework, it requires crypto entities to register with the Financial Intelligence Unit (FIU-IND) to comply with anti-money laundering (AML) and counter-terrorism financing standards set up by international organizations like the Financial Action Task Force (FATF).
This move provided a significant credibility boost for the industry. However, the existing tax system has been extremely controversial as it imposes a 30% tax on cryptocurrency gains and a 1% Tax Deducted at Source (TDS) on crypto asset transfers, raising concerns among investors and industry professionals regarding its effects on the country’s crypto market.
In another setback for the Indian crypto sector, investor hopes were dashed when Finance Minister Nirmala Sitharaman made no changes to the existing crypto tax regulations in her 2024-2025 budget speech.
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The new Consumer Financial Protection Bureau rule putting buy now, pay later providers in the same category as credit card issuers can fuel the industry’s growth, experts say. The rule, published May 22 to take effect 60 days later, “makes the model more sustainable because [BNPL] has been around for a long time, it has […]
Ripple has contributed $25 million to the Fairshake super PAC, aligning with an industry-wide effort to advocate for pro-crypto policies and politicians.
Ripple’s decision to boost Fairshake’s efforts comes amid its own ongoing legal battle with regulatory bodies like the SEC. The agency’s lawsuit prompted the company to take a more proactive stance in advocating for fair and balanced regulation within the industry.
Ripple Advancing Pro-Crypto Agenda
In a press release, Ripple stated that the Securities and Exchange Commission’s strategy of attempting to regulate the cryptocurrency industry through enforcement has proven ineffective.
While Congress is presently progressing with comprehensive legislation for the sector to ensure a bright future for American innovation, competitiveness, and expansion, the United States lags behind other nations that have embraced the asset class and its underlying technology.
Ripple highlighted the critical importance of the 2024 elections for the industry, emphasizing the choice between candidates supporting or hindering technological innovation. It also highlighted the need for leaders who understand and promote policies fostering innovation, consumer protection, and market fairness.
While speaking about the contributing Ripple CEO Brad Garlinghouse said,
“Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters on the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington.”
The exec also added that the company as well as the rest of the industry should refuse to remain silent in the face of unelected regulators’ attempts to stifle progress and economic advancement, which millions of Americans benefit from.
The development comes almost six months after Ripple gave $20 million to Fairshake, which has already used $11.3 million for federal elections. This increase in contributions marks a significant rise in the company’s political activity. According to FEC records, the San Francisco-based company had only donated $500,000 during the 2022 election cycle.
Ripple’s contributions make up nearly half of the $100 million-plus raised by Fairshake from major figures in the cryptocurrency sector, including industry giants like Coinbase and Gemini exchanges, venture capital leader Andreessen Horowitz, and asset management powerhouse ARK Invest.
Ripple-SEC: Legal Showdown
Ripple has been engaged in a prolonged legal dispute with the US Securities and Exchange Commission (SEC) for several years, following accusations by the regulatory watchdog that the company unlawfully raised $1.3 billion through the sale of XRP, which it deemed an unregistered security.
The SEC recently filed a remedies brief contesting Ripple’s stance on penalties in their ongoing legal dispute. It essentially seeks fines against Ripple despite Judge Torres’ ruling that XRP is not a security in programmatic sales. The blockchain company, on the other hand, argued that fines should not surpass $10 million, citing a lack of fraudulent intent. Both parties await a final ruling.
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