Mahdi 🎩

@fotuhi

3136 Following

1353 Followers

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My $DEGEN stats frame by @cashlessman.eth

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U.S. President Donald Trump has signed a congressional resolution repealing a controversial rule from the Biden administration that would have required decentralized finance (DeFi) platforms to report crypto transactions to the Internal Revenue Service (IRS). The rule, originally set to take effect in 2027, would have expanded existing IRS reporting requirements to include DeFi platforms, compelling them to disclose gross proceeds from crypto transactions, including taxpayer information. Trump officially repealed the rule by signing the resolution on April 10 — a move that marks the first time a crypto-related bill has ever been signed into U.S. law, according to Representative Mike Carey, a key supporter of the measure. “The DeFi Broker Rule unnecessarily stifled American innovation, infringed on the privacy of everyday Americans, and would have overwhelmed the IRS with filings it isn’t equipped to handle during tax season,” Carey stated.

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Where do you rank on The Leaderboard?

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The XRP community is eagerly awaiting a final settlement between Ripple and the SEC, especially following a crucial statement from CEO Brad Garlinghouse. According to many experts, the SEC’s closed-door meeting on April 3, 2025, may bring clarity on the legal status of XRP and pave the way for a clearer regulatory framework for the broader crypto market. Market analyst STEPH IS CRYPTO predicts that the Ripple lawsuit will be a key discussion topic in today’s meeting. The SEC may vote on whether to continue arguing that XRP is a security.

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The U.S. government is working to return $7 million to victims of a sophisticated scam where fraudsters used social engineering techniques to trick them into transferring funds to fake cryptocurrency investment platforms. According to a statement from the U.S. Attorney’s Office for the Eastern District of Virginia on March 21, the scammers approached victims, built trust, and then directed them to websites disguised as legitimate cryptocurrency investment platforms. Once the victims transferred their funds, the money was funneled through more than 75 bank accounts under the names of shell companies before being sent overseas. These transactions were falsely labeled as domestic transfers, despite the funds actually being routed to a bank outside the United States. The U.S. Attorney’s Office emphasized, “The fraudulent websites misled victims into believing their investments were generating significant returns.”

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Cryptocurrency exchange OKX has decided to temporarily suspend its DEX aggregation services amid an ongoing investigation by the European Union (EU) into the $1.5 billion Bybit hack. The investigation revealed that hackers had used OKX’s platform to launder money, prompting the exchange to take stricter precautionary measures. OKX has accused North Korea’s Lazarus group of exploiting its DeFi services.

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