SEC Drops Binance Lawsuit Amid Policy Shift Farage Promises 10% Crypto Tax in UK Election Bid Russia Allows Crypto Linked Financial Products for Qualified Investors

The U.S. Securities and Exchange Commission (SEC) has moved to dismiss its nearly two-year-old lawsuit against the crypto exchange Binance. This decision, filed jointly with Binance in federal court, marks a significant shift in the agency’s enforcement stance against the industry. Both parties requested a dismissal “with prejudice,” which legally prevents the SEC from reviving the case in the future. The agency cited a “policy matter” as the reason for the withdrawal, indicating that it is focusing on developing a comprehensive crypto regulatory framework.

Nigel Farage, the leader of the Reform UK party, has announced sweeping pro-crypto reforms if his party wins the next general election. Speaking at the Bitcoin 2025 conference in Las Vegas, Farage unveiled the proposed Crypto Assets and Digital Finance Bill. This legislation aims to prevent banks from closing accounts based on crypto-related activity and to establish clear tax policies. Farage emphasized his commitment to making London a major trading center for cryptocurrencies, stating, “We are going to launch, in Britain, a crypto revolution.” The draft legislation includes a 10% capital gains tax on digital assets, which Farage framed as fair and conducive to compliance. He also expressed strong opposition to a central bank digital currency, criticizing it as an overreach by the government.

Russia’s central bank has opened the door for qualified investors to access financial products tied to cryptocurrency prices. In a statement, the Bank of Russia announced that financial institutions may offer qualified investors financial derivatives, securities, and digital financial assets whose yields are linked to cryptocurrency prices. While the bank remains cautious about direct crypto investment, this move allows for limited market exposure through traditional financial instruments. This change is part of a broader experiment, a three-year pilot program allowing select investors to trade crypto under strict oversight. The Ministry of Finance has also proposed launching a dedicated crypto exchange for highly qualified investors, though no timeline has been confirmed.

These developments highlight a growing trend of regulatory bodies and political figures acknowledging the significance of cryptocurrencies and digital assets. The SEC’s decision to dismiss its lawsuit against Binance signals a potential shift towards more collaborative regulatory approaches. Farage’s proposals in the UK reflect a broader push for pro-crypto policies, aiming to position the region as a global leader in digital finance. Meanwhile, Russia’s cautious but progressive stance on crypto-linked financial products indicates a willingness to explore the potential benefits of cryptocurrencies within a controlled framework. These moves collectively suggest a maturing regulatory environment for cryptocurrencies, with various regions and institutions seeking to balance innovation with oversight.