Trump kills DeFi broker rule in major crypto win: Finance Redefined

Increasing US crypto regulatory clarity will attract more tech giants to the space, requiring existing crypto projects to focus on more collaborative tokenomics to survive

A joint congressional resolution to overturn a Biden administration-era rule that would have required decentralized finance protocols to report transactions to the Internal Revenue Service has been signed by President Donald Trump.

The measure, which was passed by both the House of Representatives and the Senate last month, went to Trump’s desk after a bipartisan majority in Congress voted to reject the administration-era rule, known as the DeFi broker rule.

The IRS DeFi broker rule would have expanded the tax authority’s existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.

The rule, which was part of the administration’s 2024 budget proposal, was set to take effect in 2027. However, lawmakers from both parties expressed concern that it would create an undue burden on DeFi protocols and ultimately hamper innovation in the U.S. crypto sector.

Several House members, including Representative Mike Carey, played a key role in mobilizing bipartisan support for the resolution to overturn the rule.

“After months of working closely with my colleagues in the House, I’m thrilled that we were able to pass this critical resolution to overturn the administration’s new reporting rule that would have crippled the DeFi sector and discouraged new crypto projects from launching in the U.S.,” Carey said in a statement on April 10.

“This is a huge win for crypto users and innovators across the country.”

Trump formally killed the measure by signing off on the resolution, marking the first time a crypto bill has been signed into U.S. law.

“This administration rule would have created an undue burden on emerging technologies and small businesses operating in the DeFi sector,” Trump said in a statement. “The good news is that President Biden listened to members of Congress and has now agreed to undo the rule through a joint resolution of Congress, and I am pleased to sign it into law.”

Next generation of crypto must be more collaborative — Cardano founder

The next generation of cryptocurrency projects must embrace a more collaborative approach to compete with major centralized tech companies entering the Web3 space, according to Cardano founder Charles Hoskinson.

Speaking at Paris Blockchain Week 2025, Hoskinson said one of the main criticisms of the crypto and decentralized finance space is its “circular economy,” which often means that the rally of a specific cryptocurrency is bolstered by funds exiting another token, limiting the growth of the whole industry.

However, to have a chance against the centralized technology giants joining the Web3 industry, cryptocurrency projects need more collaborative tokenomics and market structure, according to Hoskinson.

“The problem right now, with the way we’ve done things in the cryptocurrency space, is the tokenomics and the market structure are intrinsically adversarial. It’s sum 0,” Hoskinson said.

“Instead of picking a fight, what you have to do is you have to find tokenomics and market structure that allows you to be in a cooperative equilibrium.”

He argued that the current environment often sees one crypto project’s growth come at the expense of another rather than contributing to the sector’s overall health.

And he added that this is not sustainable in the face of trillion-dollar firms like Apple, Google and Microsoft, which may soon join the Web3 race amid clearer U.S. regulations.

“If you look at the way these large technology companies operate, they’re very good at cooperation and synergy,” said Hoskinson.

“If you look at the way we’ve done things in cryptocurrency, it’s always been more adversarial, and we’re trying to take market share from each other.”

Bitcoin’s 24/7 liquidity: Double-edged sword during global market turmoil

Bitcoin and other cryptocurrencies are often praised for offering around-the-clock trading access, but that constant availability may have contributed to a steep sell-off over the weekend following the latest U.S. trade tariff announcement.

Unlike stocks and traditional financial instruments, Bitcoin (BTC) and other cryptocurrencies enable users to make payments and engage in trading opportunities 24/7 thanks to the accessibility of blockchain technology.

After a record-breaking $5 trillion was wiped from the S&P 500 over two days — the worst drop on record — Bitcoin remained above the $82,000 support level. However, by Sunday, the asset had plummeted to under $75,000.

Sunday’s correction may have occurred due to Bitcoin being the only large tradable asset over the weekend, according to Lucas Outumuro, head of research at crypto intelligence platform IntoTheBlock.

“There was a bit of optimism last week that Bitcoin might be uncorrelating and fairing better than traditional stocks, but the [correction] did accelerate over the weekend,” Outumuro said during Cointelegraph’s Chainreaction live show on X, adding:

Outumuro noted that Bitcoin’s weekend trading can also have