In a series of significant developments in the cryptocurrency regulatory landscape, the US House of Representatives has voted to pass a bill overturning the Securities and Exchange Commission's (SEC) controversial guidance on crypto assets. The bill, H.J. Res 109, aims to reverse the SEC's Special Accounting Bulletin 121 (SAB 121), which requires banks to hold their customers' crypto assets on their balance sheets, a requirement not applied to traditional assets like securities.

However, US President Joe Biden's office has announced plans to veto the joint resolution if it reaches his desk, citing concerns that it would disrupt the SEC's efforts to protect investors in crypto-asset markets and safeguard the broader financial system.

Meanwhile, in Australia, the Australian Taxation Office (ATO) is seeking personal data and transaction details from up to 1.2 million cryptocurrency exchange users, potentially leading to a crackdown on crypto tax obligations. The ATO believes the data will help identify traders who may have failed to pay taxes on their crypto trades.

In South Korea, the ruling Democratic Party of Korea will request that the Financial Services Commission (FSC) reconsider its interpretation of the legal status of spot Bitcoin exchange-traded funds (ETFs). This move comes after the approval of spot BTC ETFs in the US, which led to the FSC issuing a statement saying Korean securities firms could violate the Capital Markets Act by listing foreign spot ETFs.

Finally, global cryptocurrency exchange Binance has obtained approval to offer its services in India from the Financial Intelligence Unit, making it the second offshore crypto exchange to receive a regulatory nod after KuCoin. This development marks a significant step forward for crypto regulation in India, following a series of regulatory notices and bans on foreign crypto exchanges earlier this year.