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US Congress Repeals DeFi Broker Rule, Solana Inflation Cut Proposal Rejected

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by Giorgi Kostiuk

7 hours ago


The past week brought two significant events in the cryptocurrency sector: the US Congress repealed the DeFi broker rule, and Solana's proposal to reduce inflation failed.

US Congress Rejects New DeFi Broker Rule

On March 11, the US House of Representatives voted to repeal a rule requiring DeFi protocols to report information to the IRS. This decision was supported by both houses of Congress, with the Senate having voted against the rule a week earlier. The decision passed with a vote of 292 against 132. Notably, all 132 votes in favor of the rule were from Democrats.

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.Mike Carey, Republican Representative

Solana's Inflation Reduction Proposal Rejected

A proposal to dramatically change Solana's inflation system was rejected by stakeholders. The proposal received 43.6% support, whereas 66.67% was required for approval. The voting process became a significant test of Solana's governance system, demonstrating its capacity to endure wide, stratified opinions.

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

DeFi Market Overview

According to data from Cointelegraph Markets Pro and TradingView, most of the top 100 cryptocurrencies by market capitalization ended the week in the red. Among them, the Hedera token fell over 24%, while JasmyCoin dropped 21%.

These events highlight the importance of regulation and governance in the rapidly evolving cryptocurrency sector. The decisions made could have a significant impact on the future of the industry.

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