US President Donald Trump has overturned the DEFI Broker rules of the IRS, which expanded the existing reporting requirements to include the Defi platform with a significant victory over the Distributed Finance (Defi) protocol.
According to Charles Hoskinson, the founder of Cardano, more technology giants will attract more technology giants in the space if they increase US encryption regulatory clarity, and the existing password projects need to focus on more collaboration token nix.
Trump is due to a resolution to kill the IRS Defi Broker rules.
Trump needed a Defi protocol that signed a joint council resolution, turning the Biden administrative rules and reporting transactions in internal profit services.
The IRS Defi Broker Rules, which will be effective in 2027, must expand the tax authorities’ existing reporting requirements to include the Defi platform and disclose the total proceeds in encryption sales, including information on taxpayers related to transactions.
Trump officially killed the bill by signing the resolution on April 10.
“Defi Broker’s rules were to overwhelm the IRS with an overflow of new reports that unnecessarily interfere with US innovation, infringed on everyday Americans’ privacy and no infrastructure to handle during the tax season.”
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Password requires a joint token study for Hoskinson, a technology giant.
According to Cardano founder Charles Hoskinson, the next -generation cryptocurrency project requires more cooperative approaches to compete with major central technology companies entering the Web3 space.
Hoskinson spoke in the Paris block chain in 2025 and says that one of the main criticisms of encryption and defect space is “circular economy,” which often means that the assembly of a particular cryptocurrency is strengthened by the funds that exit other tokens, limiting the growth of the entire industry.
Hoskinsin said that the Cryptocurrency project requires more collaboration tokens and market structures in order to have the opportunity for centralized technology giants to join the Web3 industry.
Hoskinson on the Paris Blockchain Weekly Stage. source: Cointelegraph
Hoskinson said, “We are currently working in the cryptocurrency space, and now the problem is Tokeno Mix and the market structure is essentially hostile.” Instead of choosing a fight, you have to find a tokeno mix and market structure that can be in a cooperative equilibrium. ”
He argued that the current environment is often growing in other encryption projects, rather than contributing to the overall health of one encryption project. He added that it is not sustainable when facing a $ 10 trillion company such as Apple, Google and Microsoft, adding that the company can soon participate in the Web3 Race as the US regulations become more clear.
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BITCOIN’s 24/7 liquidity: Double drug sword during global market confusion
Bitcoin and other cryptocurrencies are often praised for providing transaction access for 24 hours, but they may have contributed to the steep sales of continuous availability during the weekend after the latest US trade tariffs.
Unlike stocks and traditional financial instruments, BTC (Bitcoin) and other cryptocurrencies can use payment and transaction opportunities to 24/7 thanks to access to blockchain technology.
After the record of $ 5 trillion disappeared from the S & P 500 for two days (the worst decline), Bitcoin was higher than the $ 82,000 support level. But by Sunday, assets plunged to less than $ 75,000.
According to Lucas Outumuro, a research director of Crypto Intelligence Platform Intotheblock, Bitcoin may have been modified on Sundays because Bitcoin is the only large -scale asset for weekends.
Outumuro added in the Chain -reaction Live Show of Cointelewraph as follows:
“Most of the markets have been closed, so few people can sell on Sundays. This allows people to be embarrassed and Bitcoin is the biggest asset that can be sold on weekends.”
Outumuro pointed out that Bitcoin’s weekend trading can have a synergistic effect as prices rise often under calm conditions.
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BYBIT recovers its market share to 7%after hacking of $ 1.4 billion.
As Crypto Exchange implemented more stringent security and improved liquidity options for retailers, BYBIT’s market share rebounded in advance with $ 1.4 billion in February.
The encryption industry occurred when the biggest hacking in history on February 21 when BYBIT lost more than $ 1.4 billion in liquid stained ethers, Mantle Staked ETH (Meth) and other digital assets.
According to a April 9 report by Crypto Analytics company Block School, BYBIT has steadily restored its market share despite the size of exploitation.
The report said, “After this initial decline, BYBIT has repaired its emotions and has returned to the volume, and has steadily recovered its market share.
SCHOLES says that BYBIT’s proportional share has risen from 4%to about 7%to about 7%, reflecting strong and stable recovery in spot market activities and trading volume.
BYBIT’s market share is the market share of TOP 20 CEXS. Source: Block SCHOLES
The hacking occurred in a “extensive trend of macro risks that started before the event,” which signaled that the decrease in the volume of trading was not entirely due to abuse.
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Nearly 400,000 FTX users will be in danger of losing $ 2.5 billion in repayment
Nearly 400,000 creditors from bankruptcurrenCy Exchange have been missing $ 2.5 billion after starting the customer (KYC) verification process.
According to the Dellaware District US Bankruptcy Court on April 2, about 392,000 FTX creditors failed to perform their mandatory first steps.
FTX users have originally started the verification process to collect claims by March 3rd.
If the holder of the claim listed in Schedule 1, which has not begun the KYC submission process for such claims for “March 3, 2025 (ET) (ET) (ET) (” KYC Start deadline ”), does not start the KYC submission procedure, the second claim should not be completely allowed.
Submission of FTX Court. source: bloomberglaw.com
The KYC deadline was extended to June 1, providing another opportunity to identify and qualify for users. Those who do not meet the new deadline can be permanently disqualified.
According to the court document, claims of less than $ 50,000 can take about $ 665 million, while more than $ 50,000 claims can be $ 1.9 billion, with a total risk of $ 2.5 billion.
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Defi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies due to market caps end in red.
EOS (EOS) tokens fell by more than 23%, and the top 100 stocks declined more than 19% on the weekly chart after the biggest drop.
The total value submerged in Defi. Source: Defillama
Thank you for reading the summary of the most influential Defi development this week. Next Friday, get more stories, insights and education about this dynamic development with us.