In a significant win for Decentralized Finance (DEFI) decentralized protocols, US President Donald Trump revoked the Internal Revenue Service Defi Broker rule, which expanded existing reporting requirements to include defi platforms.
Adding the clarity of US crypto regulation will attract more giant tech to space, which requires existing crypto projects that focus on more cooperative tokenomics to survive, according to Cardano founder Charles Hoskinson.
Trump signed the resolution to kill the IRS Defi Broker Rule
Trump has signed a joint Congress resolution that reduces a rule during biden administration that DEFI’s protocols will need to report internal revenue service transactions.
Set to be effective in 2027, the IRS Defi Broker Rule will expand the existing Tax Authority Reporting Requirements to include Defi platformasking them to reveal gross revenues from crypto sales, including information about taxpayers involved in transactions.
Trump formally killed the proposal statement.
“The Defi Broker’s rule does not have to hinder the modern American modern, which has been violated by the privacy of daily Americans, and is set to fill the IRS with an overflow of new filings that have no infrastructure to handle during taxes,” he said.
Crypto requires cooperation tokenomics against giant tech – Hoskinson
The next generation of cryptocurrency projects should embrace a more engaging approach to compete with major centralized tech companies entering the web3 space, according to Cardano founder Charles Hoskinson.
Speaking at Paris Blockchain Week 2025, Hoskinson said one of the major criticism of Crypto and Defi Space was “circular economy“Which often means the rally of a certain cryptocurrency has been strengthened by funds to come out of another token, limiting the growth of the entire industry.
Hoskinsin said to have an opportunity against centralized giant technology to join the Web3 industry, cryptocurrency projects require more cooperative tokenomics and market structures.
Hoskinson on stage at Paris Blockchain Week. Source: Cointelegraph
“The problem now, the way we do things in the cryptocurrency space, is tokenomics and the market structure is pointless. It’s sum 0,” Hoskinson said. “Instead of choosing a fight, what you need to do is that you need to look for tokenomics and market structures that give you to be in a cooperative balance.”
He argues that the current environment often sees the growth of one crypto project comes at the expense of another than contributing to the overall health of the sector. He added that it was not maintained in front of trillion dollar companies such as Apple, Google and Microsoft, who could join the Web3 breed amid more clear US regulations.
The 24/7 Liquidity of Bitcoin: Double-Edged Sword during the global market disturbance
Bitcoin and other cryptocurrencies are often praised for offering access to trade around, but the ongoing existence may have contributed to a steep sale over the weekend following the latest US trade trade announcement.
Unlike stocks and traditional financial instruments, the bitcoin (Btc) and other cryptocurrencies give -up payments and trading opportunities 24/7 Thanks for accessing the Blockchain technology.
After a record-breaking The $ 5 trillion was eliminated from the S&P 500 Within two days – the worst collapse on the record – Bitcoin remained above the $ 82,000 support level. But on Sunday, the owner fell to under $ 75,000.
The Sunday correction may have occurred due to Bitcoin that the only major tradable asset this weekend, according to Lucas Outumuro, head of research on the Crypto Intelligence Intelligence platform.
“There was a little optimization last week that bitcoin could be pointless and better better than traditional stock, but (correction) Chainreaction Live show with X, adding:
“There are very few people who can be sold in a week because most of the markets are closed. That also provides relationships because people are in shock and Bitcoin is the biggest owner they can sell on the weekend.”
Outumuro noted that trading on the weekend of Bitcoin could also have reversed effects, as prices often rally at calm conditions.
Bybit Recovers Market Share to 7% after $ 1.4 billion hack
The Bybit market sharing broke pre-hack levels following a $ 1.4 billion exploitation in February, as the crypto exchange implemented lighter security and improved liquidity options for retail traders.
The crypto industry is Stoned by the biggest hack in its history In Feb. 21, when bybit Lost more than $ 1.4 billion In liquid-staked ether (steth), mantle staked eth (meth) and other digital assets.
Despite the size of the exploitation, BYBIT continues to recover from the market sharing, According to In an April 9 report of Crypto Analytics firm Block Scholes.
“Because this initial denial, Bybit continues to recover market sharing because it works to adjust the emotion and as volumes return to the exchange,” the report stated.
Block Scholes said the proportional part of the Bybit rose from a post-hack of less than 4% to about 7%, reflecting a strong and stable recovery in place market activity and trading volume.
The Bybit’s Volume Market Market sharing as a proportion of part of the top 20 CEX market. Source: I -Block Scholes
The hack took place in the midst of a “wider trend of Macro de-risking which began before the event,” which signed the initial collapse of the Bybit in the amount of trade was not just due to exploitation.
Nearly 400,000 FTX users risk losing $ 2.5 billion in payment
Nearly 400,000 Creditors of Bankrupt CryptoCurrency Exchange FTX Risk missing with $ 2.5 billion payments after failing to start the mandatory process of verifying your customer (KYC).
Nearly 392,000 FTX Creditors failed to complete or at least take the first steps of the commanded Meet your customer Verification, according to a court of April 2 File in the US losses court for the Delaware District.
FTX users were originally until March 3 to begin the verification process to collect their claims.
“If a owner of a claim listed on Schedule 1 attached to it did not begin the KYC submission process with respect to the said claim or before March 3, 2025, at 4:00 pm (ET) (the” KYC that started the deadline “), 2 said claims will not allow and release in its entire
Ftx court filing. Source: Bloomberglaw.com
The KYC’s deadline is from expanded until June 1, giving users another opportunity to prove their identity and claim to be eligible. Those who do not find a new deadline may permanently not qualify their claims.
According to court documents, claims of under $ 50,000 could account for nearly $ 655 million in unreged payment, while claiming more than $ 50,000 could reach $ 1.9 billion, carrying total funds at risk of more than $ 2.5 billion.
Overall -Defi Market
According to the data from Cointelegraph Markets Pro And tradingview, most of the 100 largest cryptocurrencies by market capitalization ended the week in red.
The eos (Eos) the token fell over 23%, marked the largest fall of the week at the top 100, followed by a close protocol (Nearby) token, down by more than 19% in the weekly chart.
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.
