Weekly Crypto Regulation Roundup: Oversight Pressure, Tax Shockwaves, and Legal Resets
Representative Waters has urged the House Financial Services Committee to schedule an oversight hearing with SEC Chairman Paul Atkins, citing the SEC's decision to drop major crypto enforcement cases as unprecedented and politically charged.
In California, the proposed 2026 Billionaire Tax Act aims to tax unrealized gains on net worth above $1 billion at a rate of 5%. Critics warn that this could trigger capital flight and an exodus of crypto and tech elites ahead of the ballot, potentially forcing asset sales.
Nasdaq-listed crypto firm ALT5 Sigma recently appointed a new auditor whose license expired in August and has not been renewed. Regulators note that the firm remains inactive, but scrutiny of its compliance posture has intensified.
After 24 years at the SEC, Deputy Director Cicely LaMothe retired. During her tenure, she oversaw seven crypto guidance documents, including those concerning stablecoins, liquid staking, and meme coins.
Additionally, a U.S. federal judge dismissed a lawsuit against Mark Cuban and the Dallas Mavericks over promotion of Voyager Digital, due to lack of personal jurisdiction. This ruling narrows the scope of celebrity-driven crypto-liability claims.
