cryptoregulation

Tajikistan is drawing global attention with a remarkably strict crackdown on illegal crypto miners. As the country prepares for another harsh winter and recurring electricity shortages, the government has decided to intervene against those who exploit state-supplied power to mine digital assets — without paying a single somoni for it.
The new legislation introduces not only substantial financial penalties but also real prison sentences. Authorities believe that such harsh measures are necessary to stop the uncontrolled rise of illegal “crypto farms,” which, according to state officials, are responsible for widespread power outages and serious disruptions to the nation’s energy stability.

Severe Measures: Fines, Prison Sentences, and Full Criminalization of Illegal Mining
The Tajik government has officially approved amendments to the criminal code that, for the first time, classify the “unauthorized use of electricity for the production of virtual assets” as a criminal offense. These steps aim to put an end to massive power losses in regions most affected by underground mining operations.
According to the new provisions, miners who secretly connect to the power grid or bypass official procedures will face:
Fines ranging from 15,000 to 37,000 somoni (USD 1,600–4,000) for individualsUp to 75,000 somoni (over USD 8,000) for organized groupsPrison terms of 2–5 years for group-based activitiesUp to 8 years in prison for cases involving “especially large-scale” energy theft
The severity of the penalties reflects the scale of the problem. According to Prosecutor General Habibullo Vohidzoda, illegal crypto farms have caused significant electricity shortages in multiple cities and districts, forcing authorities to impose rolling power restrictions. These conditions have, in turn, created fertile ground for further criminal activity and economic damage.

“Illegal mining has caused over 32 million somoni in losses,” says prosecutor
The Tajik prosecutor’s office has documented dozens of cases in which crypto mining farms were found directly connected to the national grid without authorization. Investigators state that these operations have caused:
Financial damage of 32 million somoni (around USD 3.5 million)Severe stress on the national power network, especially during winter shortagesViolations of customs and tax regulations, as some mining equipment was allegedly imported illegally
According to Vohidzoda, the unregulated expansion of crypto mining is linked to a broad array of offenses — from electricity theft to money laundering. The new legal amendments are therefore also designed to prevent tax evasion by individuals and companies engaged in mining activities.
The changes will take effect once signed into law by President Emomali Rahmon.

Crypto Miners Under Pressure Across the Region: Winter, Power Deficits, and Strict Government Actions
Tajikistan is not the only Central Asian nation tightening its grip on the crypto mining sector this year. After China banned crypto mining, the region became a major global hub for miners — which, however, led to dramatic increases in power consumption.
Kazakhstan
Following widespread blackouts, the country introduced strict licensing rules, higher energy tariffs, and shutdowns of unauthorized facilities. Some of these measures have recently been relaxed, but regulation remains heavy.
Russia
Although Russia only legalized crypto mining through new legislation in 2024, more than 10 regions with high concentrations of mining operations have imposed full or partial bans. The government is also preparing to criminalize illegal mining.
Kyrgyzstan
Tajikistan’s northern neighbor shut down all mining operations within its borders last month, citing worsening power shortages during the winter season.

Conclusion: Tajikistan Launches One of the Toughest Crackdowns on Illegal Mining in Asia
Tajikistan has chosen to confront its energy crisis through the full force of the law. New prison sentences, heavy fines, and explicit criminalization of unauthorized mining aim to protect the country’s fragile power infrastructure. At the same time, this move sends a clear message across the region: the era of wild, unregulated crypto mining is rapidly coming to an end.

#CryptoMining , #blockchain , #CryptoNews , #DigitalAssets , #CryptoRegulation

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

In a surprising shift that could reshape crypto fundraising in the U.S., SEC Chair Paul Atkins stated on Tuesday that most Initial Coin Offerings (ICOs) should not be considered securities—and therefore should not fall under SEC regulation.
This marks a major reversal of previous regulatory positions, which since 2017 labeled nearly all ICOs as illegal, unregistered securities offerings.
“That’s what we want to encourage,” Atkins said at the Blockchain Association’s annual summit. “In our view, those kinds of offerings don’t fall under the definition of a security.”

Atkins Introduces New "Token Taxonomy"
Atkins based his comments on a classification framework he introduced last month. In it, he divides crypto tokens into four major categories:
🔹 Network tokens (used to operate decentralized blockchains)

🔹 Digital collectibles (like NFTs)

🔹 Utility tokens (such as memberships, tickets, or services)

🔹 Tokenized securities (digital representations of traditional stocks or financial assets)
According to Atkins, only the last category—tokenized securities—should be regulated by the SEC. The other three should fall outside the agency’s jurisdiction.
“Three of these areas fall under the CFTC’s oversight, not ours,” Atkins explained. “We’ll focus exclusively on tokenized securities.”

A Historic Pivot in Crypto Oversight
Atkins’ stance represents a dramatic shift from previous SEC leadership, which enforced the view that “almost everything is a security.” His more crypto-friendly approach could revive the ICO market in the U.S.
During Donald Trump’s first term, the SEC filed dozens of lawsuits against ICO issuers. But now, the SEC’s role in crypto oversight could be diminished, as most tokens may fall under the more lenient Commodity Futures Trading Commission (CFTC).
Some legal experts believe this move reflects a broader push in Congress to strengthen the CFTC’s role, aligning the U.S. more closely with crypto regulatory practices in the UK and parts of Asia.

What Tokens Would Be Exempt?
Under Atkins' framework, the following token types would not be treated as securities:
🔹 Tokens powering decentralized networks

🔹 Tokens tied to internet culture (memes, characters, events)

🔹 Tokens with practical use—such as access passes, tickets, or membership systems
Atkins also mentioned that the SEC’s “Project Crypto” initiative could support ICO development through exemptions and safe harbor rules.

Industry Moves Ahead—Coinbase Launches New ICO Platform
While the U.S. Senate continues to debate a broader crypto market structure bill, industry players aren’t waiting. Coinbase recently launched a new ICO platform after acquiring Echo for $375 million, giving U.S. retail investors access to newly created tokens.

Summary in a Minute:
🔹 SEC Chair Paul Atkins says most ICOs shouldn't be treated as securities

🔹 New token classification: only tokenized securities fall under SEC oversight

🔹 Could reignite the ICO boom and shift crypto authority to CFTC

🔹 Industry is responding: Coinbase launches U.S.-compliant ICO platform

#CryptoRegulation , #SEC , #bitcoin , #PaulAtkins , #TRUMP

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

The American Federation of Teachers (AFT), representing 1.8 million workers, has launched a forceful attack on the Senate’s proposed cryptocurrency market-structure bill. In a sharply worded letter to the Senate Banking Committee, the union warned that the legislation, in its current form, poses “deeply irresponsible and reckless risks” to the retirement savings of American workers.
The letter, signed by AFT President Randi Weingarten, was addressed to Committee leaders Senator Tim Scott and Senator Elizabeth Warren. According to Weingarten, the bill threatens the financial future of working families and could destabilize the broader economy.
AFT argues that the legislation opens the door to widespread fraud within pension plans that manage the savings of millions — including funds linked to the teacher’s union itself. Randi emphasized that the bill treats cryptocurrencies “as if they were stable, proven assets — which they are not,” and further weakens critical investor protections surrounding traditional equities.

Tokenization at the Center of the Dispute: Union Warns That Pension Funds Could Be Flooded With Risky Digital Assets
AFT’s strongest objection targets a part of the bill that would allow non-crypto companies to tokenize their shares — placing them on a blockchain — while bypassing key securities laws. The union argues this loophole is extremely dangerous.
Weingarten warns:
“This legislative gap and the erosion of traditional securities rules will have catastrophic consequences. Pension funds and 401(k) plans may end up holding dangerous assets even when investing in what appear to be traditional securities.”
Tokenization, the process of converting conventional financial assets into blockchain-based tokens, has been heavily promoted by high-profile Wall Street leaders such as BlackRock CEO Larry Fink.

And while tokenization is often cited as the future of finance, AFT argues that this bill would subject these assets to the weakest regulatory standards — putting retirement savings at unnecessary risk.
The union further criticizes the bill for failing to address rampant criminal activity in the crypto markets. Weingarten points to ongoing fraud, illicit operations, and corruption, arguing that the proposal does nothing to stop them. She describes the framework as “reckless” and warns:
“If this bill becomes law, it has the potential to lay the groundwork for another financial crisis.”
AFT is not alone. The nation’s largest labor organization, the AFL-CIO, also submitted its objections to the Senate Banking Committee in October. As the bill moves closer to full Senate consideration, opposition from labor groups is intensifying.

Democrats Divided, Republicans Pushing Forward — Tokenization Remains the Biggest Obstacle
The bill is co-sponsored by Senators Cynthia Lummis, Bernie Moreno, and Tim Scott. It represents the Senate version of legislation already approved earlier this year by the U.S. House of Representatives.
The goal is to create a unified regulatory framework for cryptocurrencies.

But the biggest sticking point is how tokenized shares should be defined — whether as securities, or as a separate class of blockchain-based assets handled by a different regulator.
This question has fractured Democratic support. Backers of the bill will need at least seven Democratic votes for it to pass.
At last week’s CNBC CFO Council Summit in Washington, D.C., Senator Mark Warner described the situation bluntly:
“I’m currently in crypto hell trying to get this market-structure bill through.”
Warner joined other Democratic senators on Monday to review the proposal and consider alternative ideas.
The debate is further complicated by a turf battle between the CFTC and the SEC over who should have primary authority over digital assets.

Meanwhile, state regulators warn that the federal bill could strip them of their ability to protect residents from fraud.
Massachusetts Secretary of State William Galvin cautioned in a letter that the bill’s “sweeping provisions” could block state oversight and expose millions of Americans to predatory schemes.

Senate Work Slows But Momentum Is Returning
Progress on the Senate version of the bill was delayed for weeks due to the longest government shutdown in U.S. history. But movement has resumed.
Speaking at the Blockchain Association Policy Summit, Senator Cynthia Lummis said she expects to release a new draft of the legislation by the end of the week.

She noted that lawmakers from both parties — along with the crypto industry — will review the draft before the next round of markup.
Pressure is also rising from the banking sector.

The CEOs of Bank of America, Citi, and Wells Fargo are scheduled to meet with senators this week to discuss how the proposed market-structure bill could reshape the American financial system.

#AFT , #CryptoRegulation , #CryptoNews , #DigitalAssets , #crypto

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

U.S. Senator Cynthia Lummis — one of the most prominent advocates for digital asset regulation in Congress — has indicated that the long-awaited crypto market structure bill is entering a decisive phase. According to her remarks, the legislation could be formally taken up next week.
Lummis made the announcement during the Blockchain Association Policy Summit on Tuesday, December 9, noting that she expects a markup hearing — the official debate, amendment, and internal vote on the bill — to take place before Congress leaves for the holiday recess. The markup is a crucial step before the bill can advance deeper into the legislative process.

The Bill Nears Completion, but Staff Are Exhausted
The senator acknowledged that progress has been slow, largely because both political parties have repeatedly revised significant portions of the text. According to Lummis, drafts have been changing almost every few days.
She also remarked with a hint of humor that her team — and the team of Senator Kirsten Gillibrand, who co-sponsors the bill — is “completely worn out.” To finalize a high-quality draft, Lummis plans to give their teams next week to complete the last round of revisions before everyone takes a well-needed Christmas break.
“My goal […] is to share a draft at the end of this week that represents our best efforts so far and let the industry, as well as Republicans and Democrats, review it before we go to markup next week,” she explained.
A markup hearing is a formal congressional event where a committee debates a bill section by section, proposes amendments, and ultimately votes on whether to advance it to the full chamber.

Delays Caused by Other Legislation and the Longest U.S. Government Shutdown
Although the Senate Banking Committee released an initial version of the bill in July, progress slowed dramatically. Several factors contributed to this, including:
The House’s approval of the Digital Asset Market Clarity ActThe longest government shutdown in U.S. historyOpposition from some lawmakers to certain DeFi-related provisions
Sources familiar with the process indicated that these issues together caused several weeks of delays.

Optimism Grows: The Bill Could Help Clarify the Market, but Political Disputes May Still Slow Its Path
A report published Monday, December 8, states that bipartisan negotiations have recently accelerated and that a markup is tentatively planned for December. This aligns with Lummis’s earlier comments from September, in which she predicted the bill could become law in 2026.
However, analysts warn that political dynamics could again disrupt the timeline. Even if senators move forward with the markup, internal disagreements between and within the parties may still delay a final vote.
Sources also emphasize that the bill must still pass through two essential congressional bodies:
The Senate Agriculture CommitteeAnd the Senate Banking Committee
Despite the obstacles, many leaders in the crypto industry welcome Congress’s push toward clearer regulation. They argue that the bill would bring long-awaited certainty to the U.S. blockchain ecosystem.
Paul Grewal, Chief Legal Officer at Coinbase, stated:
“More finance will shift on-chain under [SEC Chair Paul Atkins]’s leadership once Congress passes a market structure law. Our leaders must agree on the final details without delays.”

#Lummis , #CryptoNews , #CryptoRegulation , #DigitalAssets , #SEC

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“