The US House of Representatives has voted to repeal a rule requiring decentralized finance (DeFi) protocols to report transactions to the IRS, passing with a majority of 292 to 132. This rule was seen as an invasion of privacy and a hindrance to the DeFi industry. In adjacent news, a pivotal governance proposal aiming to reduce Solana's inflation rate by approximately 80% was voted down. Although not passed, stakeholders viewed this as a positive indication of the network's governance process, with 74% of the staked supply participating in the vote. Additionally, Bitcoin has experienced a significant pullback amidst discussions of macroeconomic corrections, falling over 14% in the past week. Investor sentiment has been affected by a lack of federal engagement in potential cryptocurrency reserves, contributing to a broader pattern of volatility in the market, as various cryptocurrencies struggle to maintain their support levels.

Source 🔗