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A controversial tax rule proposed by the U.S. Internal Revenue Service, requiring decentralized finance brokers to report crypto transactions, could be overturned as lawmakers have pushed to repeal it. On Feb. 26, U.S. House Representatives advanced a resolution to scrap the rule, with the House Ways and Means Committee voting 26-16 in favor of the repeal. The resolution now moves to the full House for a vote. If it passes, the Senate will then decide its fate. A successful Senate vote would send the measure to President Donald Trump, who can either sign it into law or veto it. However, if it is not overturned, the rule will take effect on January 1, 2027. The “DeFi broker rule,” proposed by the IRS in August 2023 and officially finalized in January 2024, would require certain DeFi operators—including front-end service providers for decentralized exchanges—to collect and report user transaction data, including gross proceeds from crypto sales. According to the IRS, it would “level the taxpayer playing field” by applying the same standards as traditional finance institutions. However, industry leaders see it differently. Critics like Ways and Means Committee Chairman Jason Smith argue the rule is unworkable for DeFi, where platforms often operate without centralized control and do not collect user data by design. Commenting on the development, Miller Whitehouse-Levine, CEO of the DeFi Education Fund, welcomed the decision to repeal the rule, arguing that the rule represents an “unlawful and unconstitutional overreach” that undermines the financial privacy of Americans and stifles innovation in decentralized finance. DeFi advocates have previously raised concerns about privacy implications. Some fear platforms like Uniswap could be required to collect user identities, contradicting the fundamental ethos of decentralized finance. Others, like Consensys attorney Bill Hughes, see it as a last-minute attempt by the previous administration to clamp down on crypto before leaving office. A day after the IRS finalized the rule on December 27, Kristin Smith, CEO of the Blockchain Association, called it “unconstitutional” and warned that it could push crypto innovation offshore. Texas Blockchain Council President Lee Bratcher echoed this concern, saying compliance is “practically impossible” for many in the decentralized space. The Blockchain Association, DeFi Education Fund, and Texas Blockchain Council have already sued the IRS , claiming the rule would force DeFi developers to comply with regulations they simply can’t implement. Despite the controversy, the IRS remains firm. In a joint statement with the Treasury, the agency dismissed arguments that DeFi should be exempt, saying, “Persons with technology expertise that operate trades or businesses relating to financial services should comply with the same rules as any other person operating financial services businesses.”

Top digital asset Bitcoin (BTC) fell to the $82,000 price level yesterday, but buyers jumped in, stopping the cryptocurrency from going under $80,000. Right now, BTC is trading at $85,747.56 , a decrease of more than 3% since yesterday, CoinMarketCap data shows. This negative feeling was made stronger by the Fear and Greed Index falling to 10 . Based on data from alternative.me, the Bitcoin Fear and Greed Index dropping to 10 signals “extreme fear” among investors. Interestingly, this level of fear is not as high as during the FTX collapse in November 2022, when Bitcoin traded under $20,000. Even with the current selloff, Rich Dad, Poor Dad author Robert Kiyosaki stayed positive on BTC. In an X post, Kiyosaki said that he sees the current Bitcoin price decline as a buying opportunity rather than a cause for concern. He reaffirmed his belief in BTC as a hedge against traditional financial systems, which he claims are full of excessive debt and economic instability. “When Bitcoin crashes, I smile and buy more,” Kiyosaki stated, while adding that BTC is “money with integrity.” It is important to note that the Bitcoin price plunge resulted in liquidations worth $769.61 million in the past 24 hours. As per Coinglass data , $606.44 million in longs and $163.19 million in shorts were wiped off from the digital asset space as BTC dipped to $82,000 briefly. Also, over 185,715 traders were liquidated. Related: Bitcoin Price Prediction: $90K Break – Dip or Rebound Next? Looking at the daily chart from TradingView below, Bitcoin recently broke below the middle Bollinger Band, showing more selling pressure. The price is now close to the lower band, which often acts as dynamic support. If BTC stays above this level, a short-term bounce back toward the middle band (around $94,877) is possible. Additionally, the Moving Average Convergence Divergence (MACD) indicator remains negative, with the MACD line (blue) below the signal line. Related: Crypto Market Shaken by $245M Bitcoin Long Squeeze, Open Interest Declines The MACD histogram shows red histogram bars which are getting bigger, indicating that sellers are controlling the Bitcoin price action. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

- OKX, a top-five crypto exchange, has settled with the U.S. Department of Justice for over $500 million due to regulatory issues, including unlicensed money transmission and $5 billion in suspicious transactions. - The exchange had a crisis management plan in place, including a "SWAT Team" for strategic communication. - OKX highlights industry-wide scrutiny and its cooperation with regulators. - The exchange's native token, OKB, was involved in a flash crash earlier this year, leading to executive changes. - Share your thoughts on how regulatory actions impact the crypto space! 💬

⚡️ JUST IN: Michael Saylor’s Strategy is launching a Bitcoin Hub. Hub members will have access to a “Free Co-Working Space for Advancing Bitcoin Innovation and Adoption”