Trump Kills Debt Broker Rules with Major Cryptocurrency: Financial Redefinition

With a major victory in the Decentralized Financial (DEFI) protocol, US President Donald Trump overturned the Defi Broker rule for the Internal Revenue Service, which would expand existing reporting requirements to include the Defi platform.

According to Cardano founder Charles Hoskinson, increasing clarity in US crypto regulations will require more tech giants to attract more tech giants to the space, and existing crypto projects will focus on more collaborative talknomics.

Trump signs the solution and kills the rules of IRS defi brokers

Trump has signed a joint council resolution overturning rules during the Biden administration that would have required Director Protocol to report to the Internal Revenue Service.

The IRS Defi Broker rule, which is expected to take effect in 2027, expanded the tax authorities’ existing reporting requirements to include the Defi platform, so gross revenue from crypto sales, including information about taxpayers involved in the transaction.

Trump officially killed the measure by signing a resolution on April 10, and this is the first time the code bill has been signed into US law, Vice Representative Mike Carrey, who supported the bill, said in a statement.

“The rules for DEFI brokers were set to unnecessarily hamper American innovation, invade everyday American privacy and overwhelm the IRS with a new filing overflow that means there is no infrastructure to handle during the tax season,” he said.

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Crypto needs Hoskinson, a joint toconemics for tech giants

According to Cardano founder Charles Hoskinson, next-generation cryptocurrency projects need to embrace a more collaborative approach and compete with the major intensive high-tech companies entering the Web3 space.

Speaking at Paris Blockchain Week in 2025, Hoskinson said one of the main criticisms of crypto and debt is the “circumstance economy.”

Hoskinsin said cryptocurrency projects need more joint tonomics and market structures to gain opportunities for the centralized technology giants participating in the Web3 industry.

“The problem now is how we did things in the cryptocurrency space, it’s talknomics, the market structure is inherently hostile. That’s the sum,” Hoskinson said. “Instead of choosing a fight, all you have to do is find talk nemics and market structures that allow you to fall into a cooperative equilibrium.”

He argued that in today’s environment, the growth of one crypto project often costs another, rather than contributing to the overall health of the sector. He added that this is not sustainable in the face of trillion dollar companies such as Apple, Google and Microsoft.

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Bitcoin’s 24/7 liquidity: double-edged sword during the turbulence of global markets

Bitcoin and other cryptocurrencies are often praised for providing 24-hour trading access, but their constant availability may have contributed to a sudden weekend sale following the latest US trade tariff announcement.

Unlike stocks and traditional financial products, Bitcoin (BTC) and other cryptocurrencies allow 24/7 payment and trading opportunities thanks to the accessibility of blockchain technology.

After a record $5 trillion was wiped out from the S&P 500 in two days, Bitcoin was above the $82,000 support level. However, by Sunday, the assets had plummeted to under $75,000.

According to Lucas Outumuro, head of research at Crypto Intelligence Platform IntotheBlock, Bitcoin is the only large, tradable asset over the weekend, so the Sunday revision may have occurred.

“Last week there was a bit of optimism that Bitcoin could be more correlated than traditional stocks and fairing could be better, but over the weekend the (fix) was accelerated,” Outumuro said on X on Cointelegraph’s ChainReaction Live Show.

“With most markets closed, few people can sell on Sundays. This allows for correlation as people panic and Bitcoin is the biggest asset they can sell over the weekend.”

Outumuro said Bitcoin weekend trading could also have an upward effect.

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Bibit recovers market share to 7% after a $1.4 billion hack

Bybit’s market share rebounded to pre-hack levels following a $1.4 billion exploit in February. This is because Crypto Exchange has implemented retailer security and improved liquidity options.

The crypto industry was shaken by the biggest hack in history on February 21st. This has resulted in BYBIT losing more than $1.4 billion in Liquid-staked Ether (STETH), Mantle Staked ETH (METH) and other digital assets.

Despite the size of the exploit, BYBit has steadily regained its market share, according to an April 9 report by Crypto Analytics company Block Scholes.

“Since this initial decline, BYBIT has steadily regained its market share as sentiment repairs and volumes function to return to exchange,” the report said.

Block Scholes said Bybit’s proportional share rose from its post-hack low to around 7%, reflecting a strong and stable recovery in spot market activity and trading volume.

The hack occurred amid a “wide trend in macro risk that began before the event.”

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Approximately 400,000 FTX users risk losing $2.5 billion in repayments

Nearly 400,000 creditors of bankrupt cryptocurrency exchange FTX risk missing out on a $2.5 billion repayment after failing to mandate the Customer (KYC) verification process.

Approximately 392,000 FTX creditors have failed to complete or at least take the first step of knowing customer verification, according to a filing in the U.S. Bankruptcy Court in the District of Delaware.

FTX users were originally required to begin the verification process to collect bills until March 3rd.

“If the owner of the claim listed in Schedule 1 attached thereto does not begin the KYC filing process on March 3, 2025 or 4pm ET (“Initial of the Deadline”) or with regard to such a claim, such claim will be permitted and in its entirety will be removed and removed. ”

The KYC deadline has since been extended until June 1st, offering users another opportunity to verify their identity and assert eligibility. Those who fail to meet the new deadline may permanently disqualify their claims.

Claims under $50,000 could account for approximately $655 million of banned repayments, while claims above $50,000 could reach $19 billion, bringing together a total risk funding of more than $2.5 billion, according to court documents.

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Overview of Defi Market

Most of the 100 largest cryptocurrencies by market capitalization ended in a week in red, according to data from CointeLegraph Markets Pro and TradingView.

EOS (EOS) tokens fell by over 23%, showing the biggest weekly decline in the top 100, followed by almost protocol (near) tokens, down more than 19% on the weekly chart.

Thank you for reading this week’s most impactful Defi development summary. See more stories, insights and education about this dynamic space next Friday.