SEC sets new record: The SEC collected a total of 8.2 billion USD in the fiscal year 2024 from fines and administrative penalties. A significant portion of this sum comes from a historic settlement with Terraform Labs, where the SEC received 4.47 billion USD. The SEC’s annual report, published on November 22, shows that without this settlement, the SEC would have only collected 3.72 billion USD, the lowest level since 2013.

Australia’s crypto asset reporting framework: The Australian Treasury released consultation documents on the implementation of the OECD’s Crypto Asset Reporting Framework (CARF) on November 21. This framework aims to standardize tax data collection rules related to crypto asset transactions and share information among tax authorities. Two proposed methods include developing customized guidance for the Australian Taxation Office’s internal needs or applying OECD regulations into Australian law.

Legality of cryptocurrencies: On November 20, a judge at the Songjiang District People’s Court in Shanghai published an article regarding the legality of cryptocurrencies. He emphasized that cryptocurrencies do not hold the same authority as legal currency but are considered virtual goods with ‘asset characteristics.’ This might impact the legal handling approaches of countries toward cryptocurrencies.

Tornado Cash and lawyer Alexey Pertsev: Crypto lawyer Alexey Pertsev, who developed the Tornado Cash protocol, remains detained following a court decision to extend his detention. Pertsev expressed disappointment but also emphasized his determination to continue fighting for justice. Representatives from the U.S. Democratic Party have also requested the U.S. Treasury Department to explain why the Tornado Cash service remains operational despite being sanctioned since 2022.