In a most curious twist of fate, the esteemed United States House of Representatives, in a display of legislative prowess, has voted to obliterate a bill that threatened the sacred privacy of our beloved decentralized finance (DeFi) protocols. Oh, the audacity!
Meanwhile, in the grand theater of crypto, the Solana network, in its infinite wisdom, proposed a governance miracle to reduce its inflation rate by a staggering 80%. Alas, the proposal met its untimely demise, much like a poorly written play.
US House follows Senate in passing resolution to kill IRS DeFi broker rule
With a flourish of votes, the US House of Representatives has decided to nullify a rule that would have required our dear DeFi protocols to report to the Internal Revenue Service. A round of applause, if you please!
On the fateful day of March 11, the House voted 292 in favor and 132 against the motion to repeal the infamous IRS DeFi broker rule, which sought to expand the IRS’s already expansive reach into the crypto realm. How delightful!
All 132 votes to keep the rule were cast by Democrats, while a surprising 76 Democrats joined forces with the Republicans to send the rule packing. A true bipartisan spectacle!
This legislative ballet followed the Senate’s own performance on March 4, where they voted 70 to 27 in favor of the repeal. Bravo!
The rule, had it survived, would have forced DeFi platforms, those charming decentralized exchanges, to disclose their gross proceeds from crypto sales, including the identities of taxpayers involved. How scandalous!
After the vote, Republican Representative Mike Carey, the brave soul who submitted the repeal motion, declared, “The DeFi broker rule invades the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States, and would overwhelm the IRS.” A standing ovation for Mr. Carey!
Solana proposal to cut inflation rate by up to 80% fails
In a twist of fate that could only be described as tragicomedy, a proposal to dramatically alter Solana’s inflation system was rejected by stakeholders. Yet, in a bizarre turn of events, it is hailed as a victory for the network’s governance process. Oh, the irony!
“Even though our proposal was technically defeated by the vote, this was a major victory for the Solana ecosystem and its governance process,” commented Multicoin Capital co-founder Tushar Jain on March 14, with a wink and a nudge.
Around 74% of the staked supply voted on proposal SIMD-228 across 910 validators, but only 43.6% voted in favor, while 27.4% voted against it, and 3.3% abstained. A true democratic spectacle, if I may say so!
Jain added that this was the biggest crypto governance vote ever, by the number of participants and the participating market cap, of any ecosystem, chain, or network. Bravo, indeed!
“This was a meaningful scaling stress test — a social, rather than technical, stress test — and the network passed despite a wide stratification of diverging opinions and interests.” A round of applause for the network!
Bitcoin $70,000 retracement part of “macro correction” in bull market — Analysts
Bitcoin’s potential retracement to $70,000 may be an organic part of the current bull market, despite the crypto investor fears of an early arrival of a bear market cycle. How thrilling!
Bitcoin (BTC) fell more than 14% during the past week to close at around $80,708 after investors were left in a state of disappointment over the lack of direct federal Bitcoin investments in President Donald Trump’s March 7 executive order. A plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases was outlined, but alas!
Despite the drop in investor sentiment, cryptocurrencies and global markets remain in a “macro correction” as part of the bull market, according to Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform. How reassuring!
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2025-03-14 22:16