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Trump Signs Law Repealing IRS DeFi Broker Rule in Landmark Win for Crypto In a historic move for the crypto industry, President Donald Trump has signed into law a resolution repealing the IRS DeFi Broker Rule, originally established under the Biden administration. The rule, finalized in late 2024, aimed to expand the definition of a “broker” to include DeFi platforms, wallet providers, and non-custodial interfaces, requiring them to report user data via Form 1099—something the crypto community viewed as both unworkable and damaging to innovation. The resolution, H.J.Res.25, was spearheaded by Rep. Mike Carey (R-Ohio) and Sen. Ted Cruz (R-Texas). It passed the Senate on March 4 and the House on March 11, followed by a final Senate vote on March 26. Trump’s signature now makes it the first crypto-related bill ever signed into U.S. law, and the first tax-related Congressional Review Act (CRA) of Disapproval to be enacted. This new law not only strikes down the IRS rule permanently but also prevents the agency from introducing similar rules in the future without Congress's direct approval. Lawmakers called the IRS rule a “midnight regulation” pushed through during the final days of Biden’s term. Why This Matters: Regulatory Relief: DeFi platforms and wallet providers are no longer at risk of being classified as brokers, sparing them complex reporting requirements. Industry Boost: The move is being celebrated across the crypto ecosystem as a step toward fostering innovation rather than stifling it with burdensome regulations. Shift in Washington: This is part of a broader pro-crypto regulatory pivot under the Trump administration. Lawsuits by the SEC against major crypto firms (Coinbase, Kraken, Consensys) have been dropped, and the Department of Justice disbanded its National Cryptocurrency Enforcement Team on April 8.
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SEC Drops Case Against Helium, Marking Major Win for DePIN Sector The U.S. SEC has officially dropped its case against Nova Labs, the team behind the Helium Network, in a move hailed as a “major win” for the broader Decentralized Physical Infrastructure Network (DePIN) space. The SEC dismissed the charges with prejudice—meaning the case can’t be reopened—bringing long-awaited clarity to the regulatory status of Helium’s tokens: HNT, IOT, and MOBILE. Helium emphasized that distributing tokens to incentivize hardware deployment does not automatically make them securities, a point that could set an important precedent for similar crypto projects. However, the celebration comes with a footnote. Court filings revealed that Nova Labs agreed to pay a $200,000 civil penalty to settle related allegations that it misled investors by exaggerating partnerships to raise funds at a $1 billion valuation. The company did not admit or deny wrongdoing. The case was originally filed under former SEC Chair Gary Gensler, but has now been dropped under the crypto-friendlier leadership of Paul Atkins, confirmed as the new chairman on April 10. His appointment, under the new Trump administration, signals a potential shift toward regulatory clarity and pro-innovation policies in the U.S. crypto space.
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CryptoPunk #3100 Sells for $6M With $10M Loss, Highlighting NFT Market Struggles A rare CryptoPunk NFT—#3100, one of only nine Alien Punks—just sold for $6.07 million (4,000 ETH), marking a massive $10 million loss for the seller. Originally bought for 4,500 ETH (worth about $16 million in March 2024), the sharp decline in Ethereum's price turned a 500 ETH drop into a staggering dollar loss. Despite being a top-tier digital collectible, this sale reflects the broader weakness in the NFT market, where even blue-chip assets are struggling to hold their value. The NFT sector continues to feel the heat. In Q1 2025, NFT trading volumes dropped 24% to $1.5 billion, even though the number of trades remained fairly stable—pointing to a lack of high-value deals. CryptoPunks, while still leading with 23% of global NFT market cap, has seen its floor price tumble 67% from its 2021 peak. With sentiment shifting and prices correcting, this sale is a clear sign that the NFT landscape is evolving—possibly moving away from speculative highs and towards a more utility-focused future.
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