The past week brought two significant events in the cryptocurrency sector: the US Congress repealed the DeFi broker rule, and Solana's proposal to reduce inflation failed.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