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Australia begins consultation on OECD crypto reporting framework

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The Australian government has initiated a consultation process to evaluate the adoption of the Organization for Economic Co-operation and Development’s (OECD) crypto-asset reporting framework (CARF). Announced on Nov. 21, the proposal aims to enhance tax transparency in the cryptocurrency market by aligning with international standards. The consultation reflects Australia’s efforts to address the tax challenges posed by digital assets and ensure compliance with global reporting norms.

CARF, introduced by the OECD in 2022, establishes a standardized approach for tax authorities to collect and exchange data on cryptocurrency transactions. If adopted, the framework would require Australian crypto service providers to report customer activities, including transfers and trades, to the Australian Taxation Office (ATO). This data would also be shared with other countries under existing international agreements to combat tax evasion.

The proposal has garnered mixed reactions from the industry. Supporters argue that it would provide much-needed regulatory clarity and promote fair taxation, creating a level playing field for market participants. However, critics have raised concerns about potential privacy issues and the administrative burden it may impose on crypto businesses. The consultation seeks input from stakeholders on these challenges to refine the implementation strategy.

Australia’s consideration of CARF aligns with its broader digital economy strategy, which includes strengthening regulations around emerging technologies. By adopting the framework, the government aims to improve oversight of the growing cryptocurrency market while fostering a compliant and transparent environment. The consultation period will run until Dec. 22, with final recommendations expected in early 2024.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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