The U.S. Senate has voted 70-27 to overturn an Internal Revenue Service rule that would have imposed new reporting requirements on decentralized finance brokers. As reported by Business Insider, the motion presented by Senator Ted Cruz, was approved under the Congressional Review Act on Mar. 4, indicating that both parties were against the Biden-era rule. Introduced in December, the IRS DeFi broker rule required DeFi platforms to report user data for tax compliance, thereby broadening the definition of “brokers” to include them. Since decentralized platforms do not hold funds or keep customer data in the same manner as traditional financial institutions, critics claimed the law was impractical. The digital asset think tank Coin Center referred to the proposal as “technologically unfeasible.” “The Biden administration did everything it could to stifle financial innovation in the United States,” Senate Majority Leader John Thune (R-S.D.) said in a statement. “The Senate is working to undo these burdensome regulations one at a time to restore financial freedom for the American people.” The resolution must still pass the House of Representatives in order to be delivered to President Donald Trump for final approval, even after the Senate has approved it. In addition to being prohibited from enforcing the rule, the IRS would also be prohibited from enacting similar policies in the future if the rule were to become law. You might also like: SEC’s crypto task force to hold roundtables on crypto regulations and security status Supporting the repeal, the Blockchain Association, which represents popular cryptocurrency companies like Coinbase, Kraken, and Uniswap Labs, said it will avoid needless limitations on DeFi innovation. According to the DeFi Education Fund, the Senate vote was the “first of many historic milestones in the regulation of digital assets in the United States.” This vote echoes previous attempts to remove Securities and Exchange Commission accounting standards for digital assets and continues a trend of bipartisan crypto-related legislation. The Senate’s ruling might lay the stage for more extensive regulatory reforms, since stablecoin and cryptocurrency market structure legislation is anticipated to be on the legislative agenda. A matching resolution has already been approved by the House Financial Services Committee, and a final floor vote is still pending. According to the White House, President Trump is expected to sign the bill into law as soon as possible. Read more: U.S. SEC ends probe into Bored Apes NFTs creator Yuga Labs
Trump Congratulates Elon Musk on DOGE in C-SPAN Appearance
Bitcoin price started a fresh decline below the $90,000 zone. BTC is back below $88,500 and might struggle to regain bullish momentum. Bitcoin started a fresh decline below the $92,000 zone. The price is trading below $90,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another decline if it fails to stay above the $85,000 zone. Bitcoin Price Faces Resistance Bitcoin price started a fresh decline from the $95,000 resistance level . BTC traded below the $92,000 and $90,000 support levels. The price dived over 10% and traded below the $88,000 support zone. There was a clear move below the 50% Fib retracement level of the upward wave from the $84,500 swing low to the $95,000 high. Finally, the price tested the $82,000 support zone. A base was formed and the price is now recovering some losses above the $83,500 level. Bitcoin price is now trading below $90,000 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $88,750 level. The first key resistance is near the $90,000 level. The next key resistance could be $91,500. There is also a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair. A close above the $91,500 resistance might send the price further higher. In the stated case, the price could rise and test the $93,000 resistance level. Any more gains might send the price toward the $94,200 level or even $95,000. Another Decline In BTC? If Bitcoin fails to rise above the $90,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $85,000 level. The first major support is near the $83,200 level. The next support is now near the $82,250 zone and the 76.4% Fib retracement level of the upward wave from the $84,500 swing low to the $95,000 high. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,800. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $85,000, followed by $82,250. Major Resistance Levels – $90,000 and $91,500.
In a recent development reported by COINOTAG on March 5th, Matthew Sigel, Director of Digital Asset Research at VanEck, detailed Florida Republican representative Byron Donalds’ commitment to integrating Bitcoin into
David Sacks emphasizes transparency by divesting from Multicoin. New crypto summit will address regulatory adaptation in the industry. Continue Reading: David Sacks Champions Transparency in Crypto with Key Moves The post David Sacks Champions Transparency in Crypto with Key Moves appeared first on COINTURK NEWS .
Blackrock warns that bitcoin’s scarcity is more severe than widely believed, predicting that if every U.S. millionaire sought just one BTC, there wouldn’t be enough to meet demand. Blackrock Warns: Not Enough Bitcoin for Every Millionaire to Own Just One Blackrock, the world’s largest asset manager, published a report on Feb. 26 highlighting bitcoin’s potential
Bybit’s CEO, Ben Zhou, has provided updates on the recovery of funds stolen during a major hack on the exchange. The incident, which occurred on February 21, involved approximately $1.4 billion worth of cryptocurrency, making it one of the largest hack on a centralized exchange in the crypto market. The attack, attributed to the Lazarus Group, resulted in the loss of 400,000 ETH-related tokens and other assets. Zhou stated that around 20% of the stolen funds have “gone dark,” while 77% remain traceable, and 3% have been frozen. Rising Concerns Over Decentralized Protocols Bybit CEO Zhou emphasized that the upcoming weeks are crucial for halting the hackers’ efforts to cash out through exchanges, over-the-counter platforms, and peer-to-peer channels. He noted that the stolen ETH tokens from Bybit is being rapidly converted into Bitcoin and moved across multiple wallets. The hackers predominantly used the decentralized liquidity protocol THORChain, accounting for 72% of the conversion activity. This has contributed to record weekly transaction volumes on THORChain, which reached over $4.5 billion according to data from DeFiLlama. The heavy use of THORChain by the attackers has triggered internal debates about the role of decentralized platforms in facilitating illicit transactions . One key THORChain member, TCB, announced his departure from the protocol, citing concerns over the significant volume of stolen funds being processed. TCB remarked that maintaining a fully decentralized, permissionless system becomes challenging when it is heavily exploited for laundering funds. A temporary vote to halt Ethereum transactions on THORChain has been proposed, but no final decision has been made. In contrast, other cross-chain platforms are taking more immediate action. Chainflip, another decentralized exchange, temporarily halted its swapping services upon detecting the hackers’ activities. The protocol also announced plans for new upgrades to prevent stolen funds from passing through its system. These moves reflect an ongoing tension between preserving the principles of decentralization and addressing the practical risks associated with allowing unrestricted fund flows. Bybit Challenges in Recovery Efforts As aforementioned, Zhou disclosed that significant portions of the stolen ether have become untraceable. For example, $79,655 ETH was processed through a non-KYC exchange called eXch, while another $100 million worth of ether flowed through the OKX Web3 proxy. 3.4.25 Executive Summary on Hacked Funds:Total hacked funds of USD 1.4bn around 500k ETH, 77% are still traceable, 20% has gone dark, 3% have been frozen.Breakdown:– 83% (417,348 ETH, ~$1B) have been converted into BTC with 6,954 wallets (Average 1.71 btc each) . This and… — Ben Zhou (@benbybit) March 4, 2025 Of this amount, $65 million remains untraceable pending further updates from OKX Web3. Meanwhile, the FBI has also urged exchanges and validators to cut off the Lazarus Group’s access , citing the group’s involvement in what it called the “biggest money heist in human history.” Featured image created with DALL-E, Chart from TradingView
A federal court in California has rejected Elon Musk’s attempt to prevent OpenAI from transitioning into a for-profit…
Community members of Aave, the largest lending platform in decentralized finance by total-value locked, made a proposal to change the protocol token’s economic model, aka “Aavenomics.” Aave founder Stani Kulechov said on X the proposed tokenomics are “fee switch on steroids.” Aave Chan founder Marc Zeller called it “the most important proposal in our history. ” Aave Chan is a delegate platform aimed at governance participation and creating Aave Improvement Proposals (AIP) for the Aave DAO. The AAVE token is up 13.4% on the day in the wake of the proposal. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io