US House kills IRS deFi broker rule. Solana will not cut the 80% rate of inflation: Finance Redefined

The United States House of Representatives has voted against a bill which threatened to undermine the privacy-preserving features of DeFi protocols.

The Solana governance proposal, which sought to introduce a system to lower the inflation rate of Solana by about 80% in the larger cryptospace was rejected.

The US House of Representatives has passed a resolution, following the Senate, to repeal IRS DeFI broker rules

The US House of Representatives recently voted against a requirement that DeFi protocols report to Internal Revenue Service.

The House of Representatives met on Wednesday, March 11 to discuss the budget. voted A motion that would repeal the IRS DeFi Broker Rule, which is referred to as such by 292 in favor and 132 opposed was passed. aimed to expand Existing IRS reporting requirements for crypto.

Democrats accounted for 132 of the 132 votes in favor of keeping this rule. But 76 Democrats voted with Republicans to repeal the rule. 

The Senate’s decision of March 4, vote on the motionIt was a 70-27 victory.

Decentralized exchanges and DeFi platforms would be required to report the gross proceeds of crypto transactions, as well as information about taxpayers who were involved.

Mike Carey (Republican Representative) said after the vote that he submitted the repeal motion. “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.”

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Solana’s proposal to reduce inflation by as much as 80% is a failure

Stakeholders rejected a proposal that would have drastically changed the inflation system of Solana, but it is being celebrated as a win for the governance process.

“Even though our proposal was technically defeated by the vote, this was a major victory for the Solana ecosystem and its governance process,” commented Tushar jain, the co-founder and CEO of Multicoin Capital.

A total of 910 validators voted for or against the proposal SIMD-228. Just 43.6% of those voting voted yes, while 27.4% voted no, and 3.3% abstained. according Dune Analytics. The vote needed to be approved by 66.67% of the participants, but only 61.4% voted in favor.

Jain also added that it was the biggest crypto-governance vote of all time, in terms of both the participants and their market value.

“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.”

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The Bitcoin Retracement Part of $70,000 “macro correction” in bull market — Analysts

Bitcoin’s possible retracement towards $70,000 could be a natural part of this bull market, in spite of crypto investors fears about an early bear market.

BitcoinBTCInvestors were dismayed by the absence of federal Bitcoin investments as outlined in Donald Trump’s March 7, 2017 executive order. The executive order outlined plans to establish a Bitcoin Reserve using crypto-currencies forfeited by government in criminal cases.

Cryptocurrencies and the global market remain strong despite the decline in investor sentiment. “macro correction” Aurelie Barrthere, Principal Research Analyst at Nansen Crypto Intelligence Platform, says that the current bull market is part of the overall trend.

Analyst told Cointelegraph that it is difficult to determine the future key prices levels for most cryptos, as they have breached key support levels.

“This is a macro correction (US tech will be down by 3% in the future, as discussed), so we have to monitor BTC. Next level will be $71,000 – $72,000, top of the pre-election trading range.”

He added: “We are still in a correction within a bull market: Stocks and crypto have realized and are pricing; a period of tariff uncertainty and fiscal cuts, no Fed put. Recession fears are popping up.”

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The collapse of the Libra 4 billion dollar coin has led to calls for more strict rules regarding political memecoins

Industry leaders warned that cryptocurrency backed by politicians must have stronger protections for investors and better liquidity to prevent a market collapse.

Investors remain gloomy after insider transactions wiped out $4 billion of the market capitalization for Libra (LIBRA), a token endorsed and backed by Argentinean President Javier Milei.

According to blockchain analytics company DWF Labs at least 8 insiders have been identified. wallets withdrew $107 million in liquidityThis massive collapse was caused by.

In a Cointelegraph report, DWF Labs stated that to avoid a meltdown of the same magnitude, tokens with Presidential endorsements would need stronger economic and safety mechanisms. These include liquidity locking, or making tokens within the liquidity pool unsellable during a specified period.

Reports stated that the tokens of high-profile leaders need to be launched with restrictions, in order to prevent crypto-sniping robots or large holders from participating.

“Limiting bot and whale activity is essential in limiting the impact of individuals acting on insider information to corner a large percentage of the token supply,” According to Andrei Grachev. managing partner of DWF Labs.

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Hyperliquid raises its margin requirements following $4 million liquidation losses

Hyperliquid, blockchain trading network, raised margin requirements after the liquidity pool of its cryptocurrency exchange lost millions in a recent Ether (ETHThe network reported that the liquidation would be completed by the end of this year.

A trader liquidated an Ether position worth approximately $200 million on March 12. This caused the liquidity pool of Hyperliquid, HLP to suffer a loss of $4 million. The trade was unwinded.

Hyperliquid is requiring traders, starting on March 15, to have a minimum 20% margin for open positions. “reduce the systemic impact of large positions with hypothetical market impact upon closing,” Hyperliquid announced in a post on X from March 13.

Hyperliquid is a platform that has become Web3’s top choice for trading leveraged perpetually. 

Hyperliquid stated that the $4 million was not a result of an exploit, but rather the predictable outcome of the trading platform’s mechanics under extreme circumstances. 

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Market overview of DeFi

The majority of the largest 100 cryptos by market cap ended last week in the negative, according to Cointelegraph Markets Pro and TradingView.

Hedera) is the 100th best-selling product.HBARJASMY (JASMY), which fell by over 21% in the last week, was the second-largest weekly drop.

Thank you for reading this summary of the most important DeFi news from last week. Next Friday, we’ll be back with more information and stories about this rapidly evolving space.