The crypto world never sleeps and today was no exception! The industry is full of big moves and bold choices, from a significant regulatory shake-up in Washington to shocking market manipulation and a betting scandal that has caused a lot of trouble. The US Senate just shot down a controversial IRS rule that targeted DeFi. Hyperliquid also shut down JELLY token futures after seeing strange activity, and Polymarket is being criticized for a big bet that went wrong. Let’s look at the most important crypto news stories of the day.
Major IRS DeFi Broker Rule Setback
The US Senate voted to cancel the IRS DeFi broker rule, which would have required decentralized finance platforms to share information about transactions. This is a big win for the crypto business. Former President Donald Trump has already said he wants to veto the measure, so it is now on its way to him. The rule’s critics said it put too much regulatory load on businesses, while its opponents say it could open the door to tax evasion.
JELLY Perpetuals Delisted by Hyperliquid Due to Market Manipulation
A well-known blockchain-based derivatives platform called Hyperliquid made news when it took off the market perpetual futures tied to the JELLY token. The decision came after “suspicious market activity,” meaning a trader may have changed prices to force themselves to sell. In reaction, Hyperliquid’s nonprofit arm promised to reimburse affected users but not accounts that had been flagged.Â
Polymarket Blasted for $7 Million Ukraine Mineral Bet
Polymarket, the biggest decentralized prediction market, got much attention after settling a big political bet in a way many thoughts were unfair. A prediction pool asked if Donald Trump would agree to a deal with Ukraine for rare earth minerals before April. The market answered “Yes,” despite no such deal. Reports say that a big token holder may have tampered with the results by using his vote power, which made traders and experts in the field very angry.
Conclusion
There are regulatory battles, security worries, and governance controversies in the crypto world, but one thing is clear: the industry is at a crossroads. The Senate’s vote against the IRS DeFi rule shows a change in how regulators feel about space.Â
