{"id":127023,"date":"2025-04-11T18:21:37","date_gmt":"2025-04-11T18:21:37","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127023"},"modified":"2025-04-11T18:21:37","modified_gmt":"2025-04-11T18:21:37","slug":"trump-kills-defi-broker-rule-in-major-crypto-win-finance-redefined","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127023","title":{"rendered":"Trump kills DeFi broker rule in major crypto win: Finance Redefined"},"content":{"rendered":"

Source: Cointelegraph.com NewsTrump kills DeFi broker rule in major crypto win: Finance Redefined, April 4\u201311
\nIn a significant win for decentralized finance (DeFi) protocols, US President Donald Trump overturned the Internal Revenue Service\u2019s DeFi broker rule, which would have expanded existing reporting requirements to include DeFi platforms.
\nIncreasing US crypto regulatory clarity will attract more tech giants to the space, requiring existing crypto projects to focus on more collaborative tokenomics to survive, according to Cardano founder Charles Hoskinson.
\nTrump signs resolution killing IRS DeFi broker rule
\nTrump signed a joint congressional resolution overturning a Biden administration-era rule that would have required DeFi protocols to report transactions to the Internal Revenue Service.
\nSet to take effect in 2027, the IRS DeFi broker rule would have expanded the tax authority\u2019s existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.
\nTrump formally killed the measure by signing off on the resolution on April 10, marking the first time a crypto bill has been signed into US law, Representative Mike Carey, who backed the bill, said in a statement.
\n\u201cThe DeFi Broker Rule needlessly hindered American innovation, infringed on the privacy of everyday Americans, and was set to overwhelm the IRS with an overflow of new filings that it doesn\u2019t have the infrastructure to handle during tax season,\u201d he said.
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\nCrypto needs collaborative tokenomics against tech giants \u2014 Hoskinson
\nThe next generation of cryptocurrency projects must embrace a more collaborative approach to compete with major centralized tech companies entering the Web3 space, according to Cardano founder Charles Hoskinson.
\nSpeaking at Paris Blockchain Week 2025, Hoskinson said one of the main criticisms of the crypto and DeFi space is its \u201ccircular economy,\u201d which often means that the rally of a specific cryptocurrency is bolstered by funds exiting another token, limiting the growth of the whole industry.
\nHoskinsin said that to have a chance against the centralized technology giants joining the Web3 industry, cryptocurrency projects need more collaborative tokenomics and market structure.
\nHoskinson on stage at Paris Blockchain Week. Source: Cointelegraph\u201cThe problem right now, with the way we\u2019ve done things in the cryptocurrency space, is the tokenomics and the market structure are intrinsically adversarial. It\u2019s sum 0,\u201d said Hoskinson. \u201cInstead of picking a fight, what you have to do is you have to find tokenomics and market structure that allows you to be in a cooperative equilibrium.\u201d
\nHe argued that the current environment often sees one crypto project\u2019s growth come at the expense of another rather than contributing to the sector\u2019s overall health. He added that this is not sustainable in the face of trillion-dollar firms like Apple, Google and Microsoft, which may soon join the Web3 race amid clearer US regulations.
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\nBitcoin\u2019s 24\/7 liquidity: Double-edged sword during global market turmoil
\nBitcoin and other cryptocurrencies are often praised for offering around-the-clock trading access, but that constant availability may have contributed to a steep sell-off over the weekend following the latest US trade tariff announcement.
\nUnlike stocks and traditional financial instruments, Bitcoin (BTC) and other cryptocurrencies enable payments and trading opportunities 24\/7 thanks to the accessibility of blockchain technology.
\nAfter a record-breaking $5 trillion was wiped from the S&P 500 over two days \u2014 the worst drop on record \u2014 Bitcoin remained above the $82,000 support level. But by Sunday, the asset had plummeted to under $75,000.
\nSunday\u2019s correction may have occurred due to Bitcoin being the only large tradable asset over the weekend, according to Lucas Outumuro, head of research at crypto intelligence platform IntoTheBlock.\u00a0
\n\u201cThere was a bit of optimism last week that Bitcoin might be uncorrelating and fairing better than traditional stocks, but the [correction] did accelerate over the weekend,\u201d Outumuro said during Cointelegraph\u2019s Chainreaction live show on X, adding:
\n\u201cThere\u2019s very little people can sell on a Sunday because most markets are closed. That also enables the correlation because people are panicking and Bitcoin is the largest asset they can sell over the weekend.\u201d
\nOutumuro noted that Bitcoin\u2019s weekend trading can also have upside effects, as prices often rally in calmer conditions.
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\nBybit recovers market share to 7% after $1.4 billion hack
\nBybit\u2019s market share rebounded to pre-hack levels following a $1.4 billion exploit in February, as the crypto exchange implemented tighter security and improved liquidity options for retail traders.
\nThe crypto industry was rocked by the largest hack in its history on Feb. 21, when Bybit lost over $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH) and other digital assets.
\nDespite the scale of the exploit, Bybit has steadily regained market share, according to an April 9 report by crypto analytics firm Block Scholes.
\n\u201cSince this initial decline, Bybit has steadily regained market share as it works to repair sentiment and as volumes return to the exchange,\u201d the report stated.
\nBlock Scholes said Bybit\u2019s proportional share rose from a post-hack low of 4% to about 7%, reflecting a strong and stable recovery in spot market activity and trading volumes.
\nBybit\u2019s spot volume market share as a proportion of the market share of the top 20 CEXs. Source: Block ScholesThe hack occurred amid a \u201cbroader trend of macro de-risking that began prior to the event,\u201d which signaled that Bybit\u2019s initial decline in trading volume was not solely due to the exploit.
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\nNearly 400,000 FTX users risk losing $2.5 billion in repayments
\nAlmost 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.
\nAbout 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.
\nFTX users originally had until March 3 to begin the verification process to collect their claims.
\n\u201cIf a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the \u201cKYC Commencing Deadline\u201d), 2 such claim shall be disallowed and expunged in its entirety,\u201d the filing states.
\nFTX court filing. Source: Bloomberglaw.comThe KYC deadline has since been extended to June 1, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.
\nAccording to the court documents, claims under $50,000 may account for about $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion, bringing the total at-risk funds to more than $2.5 billion.
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\nDeFi market overview
\nAccording to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.
\nThe EOS (EOS) token fell over 23%, marking the week\u2019s biggest decline in the top 100, followed by the Near Protocol (NEAR) token, down over 19% on the weekly chart.
\nTotal value locked in DeFi. Source: DefiLlamaThanks for reading our summary of this week\u2019s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsTrump kills DeFi broker rule in major crypto win: Finance Redefined, April 4\u201311 In a significant win for decentralized finance (DeFi) protocols, US President Donald Trump overturned the… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127023"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127023"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127023\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127023"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}