US House kills the IRS Defi Broker Rule, Solana does not cut 80% inflation rate: re -defined financial
In a significant development of regulation for the crypto industry, the United States House of Representative has voted to remove a bill that has threatened privacy characteristics that maintain decentralized financial protocols (DEFI).
In the broader crypto space, one of the most important proposals in the Solana network management was rejected; It seeks to implement a mechanism to reduce Solana’s inflation rate by almost 80%.
The US House follows the Senate to pass the resolution to kill the IRS Defi Broker Rule
The US House of Representative has voted to delete a rule that requires decentralized financial protocols (DEFI) to report to the Internal Revenue Service.
On March 11, the House of Representative Vote 292 for and 132 against a motion to eliminate the so -called IRS defi broker rule that aimed at expanding existing IRS reporting requirements in crypto.
All 132 votes to maintain the rule are Democrats. However, 76 Democrats joined Republicans to destroy it.
It followed March 4 of the Senate Vote in motionwhich it saw passed 70 to 27.
The rule will force DeFI platforms, such as decentralized exchanges, to reveal gross profits from crypto sales, including information about taxpayers involved in transactions.
After the vote, Republican representative Mike Carey, who submitted a removal of movement, said, “The Defi Broker rule has attacked the privacy of ten -ten million Americans, preventing the development of an important new industry in the United States and eliminating the IRS.”
Congressman Mike Carey speaks after the vote. Source: Mike Carey
Solana proposal to cute inflation rate up to 80% failed
One proposal that noticeable to change Solana’s inflation system has been rejected by stakeholders but has been named as a success for the network management process.
“Although our proposal is technically defeated by the vote, it is a major success for the Solana ecosystem and its management process,” Commented Multicoin capital co-founder Tushar Jain on March 14th.
Around 74% of the staked supply voted for the SIMD-228 proposal to the entire 910 validator, but only 43.6% voted in favor, with 27.4% voting against it and 3.3% avoiding, According to In Dune analytics. It requires 66.67% approval from participating votes to pass and receive only 61.4%.
Jain added that this is the biggest crypto management vote ever, by the number of participants and the participating cap of the market, of any ecosystem, chain or network.
“This is a significant test of stress -scale – a social, rather than technical, stress test – and the network has passed despite a wide stratification of different opinions and interests.”
Bitcoin $ 70,000 retracement part of “Macro Correction” in Bull Market – Analysts
Bitcoin’s potential relevance to $ 70,000 may be an organic part of the current bull market, despite the fear of crypto investors an early arrival of a round of the bear market.
Bitcoin (Btc) fell more than 14% last week to close around $ 80,708 after investors failed to lack direct federal federal investment in Bitcoin at the command of President Donald Trump’s March 7. It described a plan to create a Bitcoin reserve using cryptocurrency eliminated in criminal government cases.
Despite the collapse of the investor, the cryptocurrencies and global markets remain in a “Macro correction” as part of the bull market, according to Aurelie Barthere, chief analyst of research on the Nansen Crypto Intelligence Platform.
BTC/USD, 1-month chart. Source: Cointelegraph
Most cryptocurrencies have broken the basic levels of support, making it difficult to estimate the next price key levels, the analyst in cointelegraph said, adding:
“This is a Macro correction (US tech will decrease 3% in the future, as discussed), so we need to monitor BTC. The next level is $ 71,000 – $ 72,000, top of pre -election trading range.”
The Analyst added: “We are in a correction within a bull market: stocks and cryptos are realized and priced; a period of tariff uncertainty and a reduction in fiscal, no feeding. The fears of shrinking appear.”
Call for tighter policies in political memecoins after $ 4 billion Libra collapse
The voices of the industry have warned that the political sponsored by cryptocurrencies should adopt stronger investor protection and liquidity care to prevent another significant collapse in the market.
The investor’s sentiment remains shaken after the Libra (Libra) token, sponsored by Argentine President Javier Milei, suffered a $ 4 billion market cap wipeout due to insider cash-outs.
According to the blockchain analytics firm DWF Labs, at least eight insider Wallets retreated $ 107 million in liquidityCraving a huge collapse.
Source: Kobeissi Letter
To prevent a similar meltdown, tokens with the President’s endorsement will require a more stable safety and economic mechanism, such as locking of liquidity or making tokens in the liquidity pool that cannot be purchased for a predetermined period, DWF labs have written a report shared with Cointelegraph.
The report said tokens from high-profile leaders also needed launch restrictions to limit participation from crypto sniping bots and large holders or whales.
“Limiting bot and whale activity is essential to limiting the impact of individuals acting on insider information to corner a large percentage of token supply,” said Andrei Grachev, managing the partner at DWF Labs.
Hyperliquid Ups Margin Requirements after $ 4 million loss of extermination
Hyperliquid, a trading -expert blockchain network, increased margin requirements for merchants after the missing pool of millions of dollars during a massive ether (Eth) Destruction, the network said.
On March 12, an entrepreneur intentionally fluids at about $ 200 million ether positions, causing hyperliquid, HLP, who loses $ 4 million, which does not want trade.
Starting March 15, Hyperliquid will require entrepreneurs to maintain a collateral margin by at least 20% in some open positions to “reduce the systematic impact of large positions that have an impact on the hypothetical market closure,” Hyperliquid said in a March 13 x’s post.
The incident featured the growing disease that faces hyperliquid, which has emerged as the most popular web3 platform for leveraged eternal trading.
Hyperliquid has organized margin requirements for entrepreneurs. Source: Hyperliquid
Hyperliquid said the $ 4 million loss is not from an exploitation but rather an unpredictable consequence of its trading platform mechanics under extreme conditions.
Overall -Defi Market
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in red.
Of the top 100, the hedera (Hbar) The token fell to 24%, marked the largest weekly drop, followed by Jasmycoin (Jasmy) up to 21% last week.
Total amount locked in defi. Source: Defillma
Thanks for reading our summary of the most affecting defi development of this week. Join us next Friday for more stories, perspectives and education about the dynamic advancement of this space.
