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Tesla CEO Elon Musk compared the memecoin sector to a casino during a episode of "The Joe Rogan Experience." He said: "It's like a casino or something. And then people just do the greater fool theory, and like musical chairs, and whoever is the last to sit down loses.”

A US House Committee under the Trump administration scored a first after voting to roll back the implementation of a controversial IRS DeFi tax rule passed during President Joe Biden’s administration’s final day. According to a report on Reuters, the US House Ways and Means Committee voted 26-16 on Wednesday in support of a motion that was moved by Rep. Mike Carey, R-Ohio, to reverse the IRS rule that was finalized late last year, who opined that the rule would “overwhelm” the IRS with forms. Force DeFi Platforms to Have Keep Records Following the vote that proposed overturning the controversial IRS DeFi tax rule that required “custodial brokers” to collect and forward all user data to the Internal Revenue Service, its fate now remains in the hands of the full House of Representatives. Speaking during the hearing, Rep. Carey stated: “We must pass this resolution to avoid this nightmare for American taxpayers and the IRS while ensuring that the United States is, in fact, in a position to lead the world in innovation with digital assets and the crypto sector.” The proposed IRS DeFi tax rule sought to extend traditional broker reporting requirements to decentralized finance platforms. The rule would require the operators to track and report user transactions to the taxman. Unsatisfied with the proposal, the Blockchain Association moved to court to challenge the rule, stating that it would burden software developers who created decentralized trading services unnecessarily. IRS DeFi Tax Rule Repeal Protects the Future of Industry A Change of Heart in the US Administration Last December, the Internal Revenue Service approved a system associated with the IRS DeFi tax rule that would have forced DeFi platforms to record “the name and address of each customer.” However, it’s an open secret that, in most instances, no centralized service providers interface directly with users — making it what some have called an “unsquarable circle.” All the prominent names within the crypto circles signed onto a Blockchain Association letter last week calling for eliminating this rule. Rep Mike Carey further stated: “We must pass this resolution to avoid this nightmare for American taxpayers and the IRS.” According to the association’s argument, enforcing the new IRS DeFi tax rule would restrict entrepreneurship and stifle innovation within the cryptocurrency sector. The move by the House Committee to challenge the regulation highlights the change of heart within the US administration towards the crypto space, with many already predicting the ultimate overturning of the rule. Rule Good for DeFi Sector A Win for the DeFi Sector If the full House of Congress upholds the proposal, the decision would mark a significant win for the DeFi sector as it would withhold its decentralized model. Commenting on the development, DeFi Education fund CEO Miller Whitehouse-Levine said in a statement: “The DeFi Education Fund applauds the House Ways and Means Committee members who voted for moving the CRA to the House floor, recognizing the need to push back against unlawful and unconstitutional overreach by the Treasury and IRS and to protect Americans’ freedom of choice in how they transact […] Members of the full House and Senate will now get to vote on the CRA.” Conclusion The decision by the House committee to propose repealing the IRS DeFi tax rule can be seen as a positive sign for the growth of the cryptocurrency sector within the United States. However, the final decision depends on the resolution of Congress and the President’s signature. Considering the pro-crypto stance of President Donald Trump and a majority of the members of Congress, there’s an increasing likelihood that the rule will be fully repealed. Frequently Asked Questions (FAQs) What was the controversial DeFi tax regulation? The Regulations require DeFi service providers to interface with users, collect certain information from users, and report digital asset transactions to the IRS. What are the new IRS rules for crypto? Taxpayers have always been obligated to include gains from sales or exchanges of digital assets in their income. However, the new rules require brokers—not digital asset holders—to do the reporting. Does the IRS track DeFi? In the new regulations, the IRS further specified that DeFi participants would be treated as brokers and required to report to the IRS and provide copies to their customers. How is DeFi regulated in the US? The Commodity Futures Trading Commission (CFTC) and the SEC are the central regulatory bodies overseeing DeFi activities. Appendix: Glossary to Key Terms DeFi: A system that allows users to perform financial transactions without the need for intermediaries like banks. IRS: A US government agency responsible for collecting federal taxes and enforcing tax laws. Custodial broker: An organization that manages and safeguards your cryptocurrency assets. The CFTC: An independent US government agency that regulates derivatives markets, including futures and options on commodities like virtual currencies. References Reuters

The Trump administration will conduct its first-ever Crypto Summit on March 7, according to Eleanor Terrett . The event will feature leading industry participants, investors, and top government stakeholders, including Presidential Working Group on Digital Assets members. David Sacks and Bo Hines will be hosting crucial conversations. This follows after a major executive order signed by Trump in the wake of undoing a previous directive by the previous President Joe Biden. The new directive aims to position America as a global leader in the crypto industry while disallowing the creation of a central bank digital currency (CBDC). The administration’s directive has sparked widespread discussion within the financial and crypto sectors. Trump’s executive order establishes a national crypto stockpile and a stablecoin regulatory framework. Moreover, the White House has condemned the prior administration’s regulatory approach, stating that it undermined business growth. The Securities and Exchange Commission (SEC) wrote tough enforcement policies to crypto firms , which pushed many of them overseas. The new administration is hoping to turn this around with a regulatory system that encourages digital asset innovation without sacrificing fundamental safeguards. Besides policy shifts, the SEC has recently dropped lawsuits against crypto exchange Gemini . Additionally, it has delayed decisions in the Binance case for 60 days. This move signals a potential shift in regulatory strategy. Furthermore, the SEC and the Commodity Futures Trading Commission ( CFTC ) are now collaborating on a joint crypto task force. David Sacks, the Crypto Czar, confirmed that his team is actively considering a Bitcoin Reserve . This administration-prioritized project could bring the necessary push for institutional acceptance of crypto. Hence, the industry expects revelations during the summit with respect to forthcoming regulatory frameworks and enforcement strategies. Within the Crypto Summit, stablecoin regulation and the implications of decentralized finance ( DeFi ) for the economy will be addressed. The conversations will focus on integrating digital assets into the financial system with investor protection safeguards. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

President Trump will convene a White House summit on March 7 to discuss digital asset policies and frameworks. The event, described as the first-ever Crypto Summit, will bring together key industry figures to examine evolving regulatory approaches. Bitcoin Magazine posted that the White House plans to hold its “first ever crypto summit,” drawing founders, chief executives, and investors. The summit aims to align cryptocurrency growth with broader economic objectives while maintaining a balanced oversight model. Organizers see this as a major occasion for clarifying national priorities. JUST IN: 🇺🇸 The White House to host "first ever crypto summit." pic.twitter.com/kp5TOI2vAC The administration’s press release states that this event is part of the President’s Working Group on Digital Assets. Officials intend to foster a regulatory environment that supports innovation in the crypto sector. This approach contrasts with what the statement describes as the previous administration’s handling of digital asset issues. Executive Order 14178 reflects a policy of encouraging the responsible use of digital assets across all economic areas. The directive indicates an effort to integrate cryptocurrency and related technologies into the nation’s economic plans. It also prohibits the development of a US central bank digital currency. The order replaces a prior directive that sought to create a crypto framework under former President Joe Biden. The current measure forms an internal working group tasked with making America the global leader in digital assets. Observers anticipate further steps to address questions of regulatory clarity. The White House names David Sacks as chair of the summit, serving as A.I. and Crypto Czar. Bo Hines is Executive Director of the Working Group, suggesting a formal leadership framework for digital finance and artificial intelligence. This group oversees preparations for the upcoming gathering According to the official release, the summit will explore potential rules for a national crypto stockpile and a stablecoin regulatory model. The aim is to establish guidelines that encourage growth while safeguarding market stability. Participants expect to exchange ideas on how best to advance blockchain and digital finance within a well-defined framework. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

- Joe Lubin, CEO of ConsenSys, expressed relief and emphasized the importance of standing up for blockchain developers. - The SEC's new approach under Acting Chair Mark Uyeda includes a Crypto Task Force led by Commissioner Hester Peirce. What do you think about these changes? Share your thoughts in the comments! Is this a win for innovation, or does it raise new questions? 🤔