In a large regulatory development of the encryption industry, the House of Representatives voted in the United States to cancel a draft law that threatened the property preservation of privacy for decentralized financing protocols (Defi).
In the wider encryption space, one of the most important proposals for governance in the Solana Network was rejected; It sought to implement a mechanism to reduce the Solana inflation rate by about 80 %.
The US Senate follows the Senate in a decision to kill the Broker of the Tax Authority.
The US House of Representatives voted to cancel a base that requires decentralized financing protocols (Defi) to submit a report to the internal revenue service.
On March 11, Parliament voice 292 for and 132 against a proposal to cancel the so -called DEFI Broker Base It aims to expand Requirements to report the current tax authority to encryption.
All the 132 votes to preserve the base were Democrats. However, 76 democratically joined the Republicans to cancel it.
This follows the Senate 4 March Voting on the proposalWhich saw that it passes 70 to 27.
Al Qaeda had forced Defi platforms, such as decentralized stock exchanges, to detect the total revenue from encryption sales, including information on tax drivers participating in transactions.
After voting, Republican actor Mike Curry, who presented the cancellation proposal, said, “The DEFI base invades the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States and will immerse the Tax Authority.”
Congress Member Mike Curry speaks after voting. source: Mike Curry
Solana’s proposal to reduce the inflation rate by up to 80 %
A proposal to change the inflation system in Solana was greatly rejected by stakeholders, but is welcomed as a victory for the network governance.
“Although our proposal was technically defeated by voting, this was a great victory for the ecosystem of Solana and the governance process,” Stuck Multicoin Capital co -founder Tushar Jain on March 14.
About 74 % of the high supplies on the SIMD-228 suggestion voted via 910 authentication, but only 43.6 % voted in favor of it, with 27.4 % vote against it and refraining from 3.3 %, According to To analyze sand dunes. She needed the approval of 66.67 % of the participating votes to pass it and only got 61.4 %.
Jane added that this was the largest encryption vote, by the number of participants and the participating market cover, for any environmental system, series or network.
“This was a significant stress test – a social test, not technically, and the network was passed despite the wide class division of different opinions and interests.”
Bitcoin $ 70,000 part of “kidney correction” in the bull market – analysts
Bitcoin’s potential decline to $ 70,000 may be an organic part of the current bull market, although the investor’s encrypted investor fears early access to the bear market cycle.
Bitcoin (BTCMore than 14 % decreased during the past week to close about 80,708 dollars after investors were disappointed because there were no investments in the direct federal Bitcoin on President Donald Trump on March 7. A plan to create Bitcoin reserves has made it clear using the encrypted currency that has been confiscated in government criminal cases.
Despite the low morale of investors, cryptocurrencies and global markets remain in “Macro Correction” as part of the Taurus market, according to Aurelli Barthery, the main research analyst on the Nansen Checker platform.
BTC/USD, one month scheme. Source: Cointelegraph
“Most encrypted currencies have broken the main support levels, making it difficult to estimate the following major price levels,” an analyst told Cointelegraph, adding.
“This is a Macro correction (US technology will decrease by 3 % in the future, as it has been discussed), so we have to monitor BTC. The next level will be $ 71,000 – $ 72,000, the highest pre -election trading scope.”
The analyst added: “We are still correcting within the bull market: I realized and priced the shares and pricing them, a period of induction and financial discounts, the federal reserve has not been developed. You fear the recession appears.”
He calls for more striking rules on political momentum after the Libra collapsed 4 billion dollars
Industry voices have warned that politically accredited currencies should adopt stronger protection for investors and liquidity guarantees to prevent the collapse of another large market.
The feeling of investors is still vibrating after the scale symbol (Libra), which was approved by Argentine President Javier Millie, suffered from the lack of a market of $ 4 billion due to the cash from the inside.
According to DWF LABS for Blockchain Analytics, at least eight inside The governor withdrew 107 million dollars from liquidityWhich leads to a massive collapse.
Source: Copsy Message
To avoid a similar collapse, presidential approvals will need more economic mechanisms and mechanisms, such as liquidity locking or making symbols in a liquidity gathering that is notable for sale for a specific period, DWF Labs wrote in a joint report with Cointelgraph.
The report stated that the symbols from prominent leaders also need restrictions at all to reduce the participation of encrypted robots and their large pregnant women or whales.
“Reducing the activity of robot and whale is necessary to reduce the effect of individuals who work on the internal information of a large percentage of symbolic offer,” according to Andre Grachiv, the administrative partner of DWF Labs.
UPS HyperLIBS margin requirements after losing the liquidation of $ 4 million
Hyperleliid, Blockchain network specializing in trading, increasing margin requirements for merchants after the liquidity group lost millions of dollars during the huge radio (Eth) The liquidation, the network said.
On March 12, the trader deliberately liquidated $ 200 million in ether, causing liquidity in Hyperleeliquid, HLP, losing $ 4 million, and breaking the trade.
Starting from March 15, Hyperiquid will require merchants to maintain a guaranteed margin of at least 20 % on some open situations “to reduce the systematic effect of large positions with the impact of the virtual market on closure,” said HyperliIid in the 13 x 13 x.
The accident highlights the increasing pain facing liquid height, which has emerged as the most popular Web3 platform for permanent trading.
Hyperleiid has modified margin requirements for merchants. source: Liquid
Hyper -royquid said the loss of $ 4 million was not exploited, but rather a predictive result of its trading mechanics in light of the harsh conditions.
Defi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest encrypted currencies ended according to the weekly market value in red.
Of the best 100, Hedra (HbarThe distinctive symbol decreased more than 24 %, which represents the largest weekly decrease, followed by Yasmine (JASMY) by more than 21 % during the past week.
Total closed value in Defi. Source: Devillama
Thanks for reading our summary of the most influential Defi developments this week. Join us next Friday for more stories, visions and education regarding this dynamically advanced space.
