In a significant win for decentralized finance (DeFi), US President Donald Trump signed a resolution overturning the IRS’s DeFi broker rule, which would have required DeFi protocols to report transactions to the IRS. The rule, set to take effect in 2027, was criticized for burdening innovation and infringing on privacy. Trump’s action marks the first crypto bill signed into US law. Cardano’s Charles Hoskinson emphasized the need for cryptocurrency projects to adopt collaborative tokenomics to compete with major centralized tech companies entering the Web3 space. He argued that current adversarial market structures hinder industry growth. In market activity, Bitcoin experienced significant volatility over the weekend, primarily due to its 24/7 trading nature, leading to sharp sell-offs amid global market turmoil. Meanwhile, Bybit’s market share has recovered to 7% following a $1.4 billion hack, showcasing resilience in the face of challenges in the industry. Nearly 400,000 FTX creditors risk losing $2.5 billion in repayments due to incomplete KYC verification processes, with a new deadline set for June 1, 2025.

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