In significant regulatory development for the cryptocurrency industry, the Chamber of United States representatives voted in favor of annulment of the act, which threatened real estate retaining the privacy of decentralized finance protocols (DEFI).
In a wider cryptographic space, one of the most essential proposals for managing Solana Network was rejected; He tried to implement a mechanism for reducing the saline inflation rate by about 80%.
US House follows the Senate regarding the adoption to kill the IRS DEFI broker rule
The Chamber of US representatives voted in favor of annulment of the principle requiring decentralized financial protocols (DEFI) in order to report to the internal revenue service.
On March 11, the House of Representatives he voted 292 for and 132 in relation to the application to repeal the so -called IRS DEFI broker principle, which aims to extend the existing IRS reporting requirements to cryptographic.
All 132 votes to keep the rules are democrats. However, 76 Democrats joined the Republicans to open it.
This appeared in the Senate’s vote on the application in which 70 to 27 passed.
The rule would force the DeFI platform, such as decentralized exchanges, to disclose gross revenues from the sale of cryptocurrencies, including information regarding taxpayers involved in transactions.
After the vote, a republican representative Mike Carey, who submitted a revocation, said: “The Defi broker rule attacks the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States and overwhelmed IRS.”
Congressman Mike Carey speaks after voting. Source: Mike Carey
Continue reading
Salona proposal to reduce the inflation rate by up to 80% disappoints
The proposal of the dramatic change of the Solana inflation system was rejected by interested parties, but is hailed as the victory of the network management process.
“Although our proposal was technically overcome by voting, it was the main victory of the Solan ecosystem and its management process”, ” commented Tushar Jain, co -founder of the Multicin Capital capital on March 14.
About 74% of the supply voted for the Simd-228 proposal in 910 validators, but only 43.6% voted for this, and 27.4% voted against him and 3.3% of abstaining from this According to To the Analytics dune. He needed 66.67% of the consent of the participating votes to go and received only 61.4%.
Jain added that it was the greatest voice in the field of cryptographic management, by the number of participants and participating market capital of any ecosystem, chain or network.
“It was a significant test of extreme conditions – social, not a technical test of extreme conditions – and the network passed despite the broad stratification of divergent opinions and interests.”
Continue reading
Bitcoin 70,000 USD part “Macro correction” on the bull market – Analysts
The potential withdrawal of Bitcoin to USD 70,000 may be an organic part of the current bull market, despite the fears of cryptographic investors before the arrival of the bear cycle.
Bitcoin (BTC) has fallen by more than 14% over the past week to finish around 80,708 USD after investors were disappointed with the lack of direct federal Bitcoin investments in the order of President Donald Trump on March 7. He presented a plan to create a Bitcoin reserve using the cryptocurrency of forfeiture in governmental criminal matters.
Despite the decrease in the mood of cryptocurrency investors, global markets remain in the “Macro correction” within the bull market, according to Aurelie Barthere, the main research analyst on the Nansen Crypto intelligence platform.
BTC/USD, 1-month chart. Source: Cointelegraph
Most cryptocurrencies have broken key support levels, which makes it difficult to estimate the next key price levels, the analyst said Cointelegraph, adding:
“This is a macro correction (American technology will fall by 3% in the future, as discussed), so we need to monitor BTC. The next level will be $ 71,000 – $ 72,000, at the top of the pre -election trade range. “
The analyst added: “We are still in the correction on the bull market: Actions and Krypto realized and valued prices; A period of tariff uncertainty and fiscal cuts, no Fed. Recession fears arise. “
Continue reading
Calls for more severe principles regarding political memecoin
Industry voices have warned that politically approved cryptocurrencies must adopt stronger security of investors and liquidity protection to prevent another significant fall of the market.
Investors’ sentiments remain shocked after the weight token (Wabra), which was approved by the Argentine President Javier Milei, suffered a market cap worth $ 4 billion due to payment of impressions.
According to Blockchain Analytics, DWF Labs, at least eight confidential portfolios withdrew $ 107 million, causing a huge fall.
Source: Kobeissi letter
To avoid a similar crash, tokens with presidential recommendations will require more solid security and economic mechanisms, such as blocking liquidity or creating tokens in a liquidity pool that are not sold by a predetermined period, wrote DWF LABS in a report made available by Cointelegraph.
The report stated that the tokens of famous leaders also need starting restrictions to limit the share of cryptocurrency bots and large handles or whales.
“Limiting the activity of the bot and whale is necessary in limiting the impact of people acting on confidential information to turn off a huge percentage of the token supply, according to Andrea Gachev, a managing partner in DWF LABS.
Continue reading
Hiperliquid UPS requirements for margin after loss of $ 4 million
The network said that Hyperliquid, a blockchain network specializing in trade, increased margin requirements for traders after a liquidity pool lost millions of dollars during the massive liquidation of the ether (ETH).
On March 12, the trader deliberately liquidated about $ 200 million of ether, causing a pool of liquidity Hyperliquid, HLP, loss of $ 4 million, developing trade.
Starting from March 15, hyperlic will require traders to maintain a security margin of at least 20% in some open items to “reduce the systemic influence of large positions with the hypothetical influence of the market on closing,” Hyperliquid said in a post of March 13.
This incident emphasizes the growing pains faced by Hyperliquid, which appeared as the most popular Web3 platform for treating eternal trade.
Hyperliquid adapted margin requirements for traders. Source: Hyperlic
Hyperliquid said that a loss of $ 4 million did not come from Exploit, but rather a predictable consequence of the trade platform mechanics in extreme conditions.
Continue reading
DEFI discussion
According to CointeLraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies according to market capitalization ended in red.
Of the 100 token Hedera (HBAR), it fell by more than 24%, which means the largest weekly decline, followed by Jasmycoin (Jasmy) by more than 21% over the past week.
Total value blocked in DEFI. Source: Developma
Thank you for reading our summary of the most influential DeFI development this week. Join us next Friday to get more stories, observations and education about this dynamically progressive space.
