South Korea’s ruling Democratic Party is reportedly preparing a draft bill that would classify stablecoins as foreign exchange payment instruments and require tokenized real-world assets (RWAs) to be backed by assets held in trust. Citing an integrated draft of the proposed Digital Asset Basic Act, the Seoul Economic Daily reported on Wednesday that stablecoins used in cross-border transactions would be treated as “means of payment” under the Foreign Exchange Transactions Act, placing related businesses under oversight even without separate registration.The draft bill would also require issuers of tokenized RWAs to place underlying assets in managed trusts under the Capital Markets Act. If…

Some past enforcement actions against cryptocurrency companies lacked clear investor benefit and misinterpreted federal securities laws, the US Securities and Exchange Commission (SEC) said on Tuesday. Since the 2022 fiscal year, the SEC brought 95 actions and $2.3 billion in penalties for “book-and-record violations,” it said in a statement about its enforcement results for 2025. “Together with seven crypto firm registration-related and six ‘definition of a dealer’ cases, these cases identified no direct investor harm from those violations, produced no investor benefit or protection.” It also reflected a “bias for volume of cases brought versus matters of investor protection,” a misallocation of resources…

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