The IRS has received over 117,000 comments regarding the proposal to classify certain crypto entities as brokers for tax reporting purposes, with concerns raised about privacy implications, reporting requirements on stablecoin transactions, and the burden on brokers. The amount of information that would need to be collected and reported is a central concern. Some commenters suggested exempting small cryptocurrency transactions from tax reporting requirements, but this was not addressed in the proposed rule. Meanwhile, the UK has announced new stablecoin rules and a hearing will take place in the Genesis bankruptcy case. The Senate Banking Committee will hold a classified briefing on illicit finance.

Cryptocurrency writer Scott Dedels stated on X that a bank blocked two Bitcoin transactions without providing any "specific" reason. Dedels now hopes people can withdraw their funds and argues that financial institutions should not control how customers decide to use their money. It is currently unclear which bank blocked Dedels' Bitcoin purchases. However, the author claims it was one of the "Big Five" Canadian banks. An insider revealed that more and more Canadian banks are keen to bolster their balance sheets. In this effort, banks are becoming increasingly sensitive and hoping to retain more funds to improve their lending capacity. This "sensitivity" explains why more and more banks are prohibiting the transfer of funds to cryptocurrency.

South Korean police have closed down a company suspected of cryptocurrency fraud, which is accused of defrauding 4,000 people's funds and arresting 25 people. The company is believed to have collected nearly $14 million in fiat and cryptocurrency from its customers, and the suspects have been detained on charges of fraud. A Daegu police officer said that the arrested included a "cryptocurrency developer" and "a responsible person of a multi-level sales company". A police spokesperson said that this group created a Token and promoted it through social media and other channels. The group has been active in the South Korean cryptocurrency field from August 2020 to June 2021.

On November 7th, Damian Williams, the prosecutor for the New York area, and Michael J. Driscoll, the head of the FBI's New York office, announced that an unsealed indictment in the Manhattan federal court charged EDDY ALEXANDRE, the founder of EminiFX, with commodity fraud and telecommunications fraud. It is alleged that ALEXANDRE defrauded hundreds of individual investors of more than $59 million through his so-called cryptocurrency and forex trading platform, EminiFX. ALEXANDRE was arrested this morning and will appear before Southern District of New York Judge Katharine H. Parker later today. According to the indictment, ALEXANDRE used EminiFX's undisclosed "new technology" and promised high returns as bait to induce clients to invest. However, this technology does not actually exist, ALEXANDRE only invested a small portion of the funds (most of which were lost), and transferred most of the funds to his personal account to purchase luxury goods. ALEXANDRE faces a maximum sentence of 10 years in prison for commodity fraud and 20 years in prison for telecommunications fraud.

The US SEC has struggled to fill vacant Crypto Assets Specialist positions, with several crypto experts declining offers to work with the regulator. As of September 30, 2023, 491 out of 5,303 authorized positions in the SEC's office remained unfilled, including positions in the Division of Examination, Trading and Markets, and Enforcement. The SEC has cited a small pool of qualified experts and competition with the private sector as challenges in filling these positions, and the agency's prohibition on staff holding crypto assets has also been a hindrance. Filling these vacancies is a priority for the SEC in the next fiscal year to address gaps in the regulation of crypto activities in the US.

Indian authorities have arrested 18 people, including four police officers, for their suspected involvement in a $300 million cryptocurrency scam that victimized around 100,000 people. The investigation into the Himachal Pradesh scam is ongoing, and eight new arrests have been made. The scam involved fraudsters approaching victims with investment plans involving a local cryptocurrency called Korvio Coin, and several other cryptocurrencies were reportedly used through fake websites. The scam gained legitimacy because it involved police personnel, with more than 1,000 cops becoming involved in the scheme. The alleged kingpin, Subhash Sharma, remains at large, and the Enforcement Directorate is investigating the role of five women suspected of having worked as agents or promoters for him.

Investors are continuing to pour money into the cryptocurrency market, with crypto funds experiencing their best run of inflows since the 2021 bull market, according to a report by CoinShares. Investment vehicles holding cryptocurrencies saw $261 million of net inflows last week, marking six consecutive weeks of positive influx totaling $767 million. Bitcoin funds remain dominant, bringing in most of the inflows, while Ether funds saw their largest inflows since August 2022. The recent stretch of inflows signals rising demand for crypto assets among institutional investors.

Republican Congressman and SEC Commissioner Mark Uyeda stated that the SEC needs to consider proposing rules or guidance to regulate cryptocurrencies, rather than taking a more enforcement-focused approach. The Republican member stated that the SEC could have taken measures to assist in the development of laws regarding cryptocurrencies, but did not do so. "Unfortunately, the SEC did not take this approach, but instead took a case-by-case approach through enforcement actions. Therefore, it will take many years to establish any legally binding precedents, as matters need to go through a series of procedures before reaching the level of the appellate court for trial."

According to The Block Pro, Roger Ver is suing Matrixport for freezing his cryptocurrency worth $8 million.

The US Department of Justice (DOJ) has revealed its intention to seize cryptocurrency worth millions of dollars that it alleges was obtained through the sale of illegal drugs. The DOJ has filed a forfeiture action against $54m in crypto assets that it claims can be traced back to an illegal drug ring. Christopher Castelluzzo, who is currently in prison, is accused of conspiring with others to sell illegal substances between 2010 and 2015. The DOJ alleges that he converted his earnings into digital assets, including 30,000 Ether during Ethereum's initial coin offering in 2014, which the government now wants to seize.