GuShiio.com The White House will support the repeal of the Biden administration’s “DeFi Broker Rule.”
Author: Shenchao TechFlow
yesterdaymarket dynamics
Strategy、Paradigm Several company executives have confirmed that they will attend the White House Crypto Summit
Fox Business News reporter Eleanor Terrett said that several important industry figures have confirmed that they will attend the cryptocurrency summit held at the White House on Friday. Guests currently confirmed to attend the summit include: Strategy founder Michael Saylor, Bitcoin Magazine CEO David Bailey, Paradigm co-founder Matt Huang, Exodus CEO JP Richardson, Multicoin managing partner Kyle Samani, Zach Witkoff, co-founder of Trump-related crypto project World Liberty Financial, Sergey Nazarov, Chainlink co-founder, Brian Armstrong, CEO of Coinbase, Robinhood CEO Vlad Tenev, and Kraken CEO Arjun Sethi.
It is reported that the summit will be held at the White House on March 7 from 1:30 to 5:30 pm EST, corresponding to 2:30 to 6:30 a.m. on March 8.
The White House will support abolishing the Biden administration’s“DeFi Broker rules”
David Sacks, White House director of AI and cryptocurrency, announced that the White House will support a Congressional Review Bill (CRA) proposed by Senator Ted Cruz and Representative Mike Carey to repeal the DeFi broker rule enacted by the Biden administration at the end of its term.
A policy statement issued by the White House Office of Management and Budget (OMB) shows that the rule expands the definition of broker to DeFi protocol software, requiring reporting of total proceeds from cryptocurrency transactions and taxpayer information. The new administration believes the rule will stifle U.S. innovation, raise privacy concerns and place an unprecedented compliance burden on DeFi companies.
The policy statement made it clear that if the bill is submitted to the President, senior White House advisers will recommend it be signed into law, marking a major shift in the government’s stance on crypto regulation.
Jin Shi Data: The market expects the United States to further cut interest rates by 76 in 2025basis points
According to Jin Shi, federal funds futures rose, and the market expects the United States to cut interest rates further by 76 basis points in 2025.
BitMEX Joint Venture: The bottom price of BTC in this cycle may be US$70,000, while the highest price may exceed US$1 million
BitMEX co-founder Arthur Hayes said in a recent blog post: I firmly believe that we are still in a bull cycle, so the worst bottom will be the previous cycle’s all-time high of $70,000. I’m not sure we’ll fall that low. A positive sign of dollar liquidity is that the U.S. Treasury’s general account is declining, which serves as a liquidity injection. If this round of rise is just a dead cat. I expect Bitcoin to fall back to a low level of around $80,000, giving us another chance to enter.
If the S & P 500 or Nasdaq 100 fell 20% to 30% from historical highs, coupled with a large financial institution on the verge of bankruptcy, we could experience a synchronized correction in global markets. By then, all risky assets will be sold off together, and Bitcoin may fall below $80,000 again or even pull back to $70,000.
No matter how the market changes, we will be cautious in buying on dips, do not use leverage, and patiently wait for the final violent shock of the fiat financial market.
When the global economy recovers again under the leadership of the United States, Bitcoin is expected to exceed US$1 million or even higher. rdquo;
David Sacks confirms he has sold shares of Multicoin Capital
David Sacks, White House director of AI and cryptocurrency, further clarified the sale of Multicoin Capital shares when responding to user questions on Platform X. He said: I also sold Multicoin. I didn’t even have to do this at the time because the ethics review process was still ongoing. But I took the initiative to sell all cryptocurrencies and crypto-focused funds.& rdquo;
Du Jun: In the past yearjiacangEthereum has a floating loss of more than US$20 million. It will not sell its meat and continue to be optimistic about the Ethereum ecosystem.
ABCDE founder Du Jun issued a document saying that today, Ethereum has returned to US$2000. After calculating the accounts, Ethereum has increased its position in the past year, and the book loss has exceeded US$20 million. I really can’t buy it anymore, so I’d better use the money to incubate the project. Even if I fail, I can still gain experience and team.
We will not cut off the meat and sell it, continue to be optimistic about the Ethereum ecosystem and its value to the industry, and consider selling other assets to increase positions to reduce the cost of Ethereum’s holding positions.& rdquo;
Reddit is seeking to acquire TikTok and plans to link the app“”
According to The Block, Reddit co-founder Alexis Ohanian is seeking to acquire TikTok to bring the social media application to the chain.
Ohanian posted on X: This is exciting news for the digital world. I am now officially one of the people trying to acquire TikTok’s U.S. business and link it up. TikTok is a game changer for the creators and its future should be shaped by them. Users should own their data. Creators should have their audience.& rdquo;
THORChain generated approximately US$5.5 million in fee revenue due to the Bybit hacking incident and processed more than US$5.4 billion in transaction volume
According to Cointelegraph, cross-chain asset exchange protocol THORChain has processed more than US$5.4 billion in transactions since Bybit suffered a US$1.4 billion hack, bringing approximately US$5.5 million in revenue to the platform. According to ThorChain browser data, in the single day after Bybit was hacked, ThorChain handled more than US$1 billion in exchange transactions, generating total revenue of more than US$554,000 that day alone.
Despite achieving the revenue milestone, THORChain has been questioned for its role in illegal fund transfers.
Aave proposes a new Aavenomics plan and will launch a token repurchase program
According to official sources, the Aave community has officially proposed an updated version of Aavenomics implementation plan, which is described as a super enhanced version of the fee switch. The plan introduces an Anti-GHO mechanism, a non-transferable ERC20 token generated linearly by AAVE and StkBPT pledgers that can offset GHO debt in a 1:1 ratio or convert to StkGHO.
Under the proposal, Aave will establish a Financial Committee (AFC) to manage the assets held by Aave’s collection contracts and define Umbrella’s liquidity target ratio and budget. In addition, Aave will launch a token repurchase program, initially at a rate of US$1 million per week to repurchase AAVE tokens in the secondary market and allocate them to ecosystem reserves. The proposal would also close the LEND migration contract, which has been in operation for nearly five years, and redirect approximately 320,000 remaining AAVE tokens (worth approximately $65 million) to ecosystem reserves.
The proposal states that although falling market interest rates have affected Aave DAO revenue, the agreement still maintains its absolute dominant position in the industry in terms of borrowing agreement revenue. Since the approval of the Aavenomics proposal, the cash portion of the Aave DAO has grown 115%, currently reaching $115 million. In addition, Chainlink-driven SVR is expected to generate up to $10 million in additional revenue per year to the agreement.
The proposal proposes that 50% of GHO revenue be used to generate Anti-GHO, with 80% allocated to StkAAVE holders and 20% allocated to StkBPT holders. The current supply of GHO is 186 million, the annualized rate of return is 6.45%, and the annual revenue is approximately US$12 million, so 6 million Anti-GHOs will be generated every year for Aave pledgers.
NASDAQ has created Grayscale Hedera ETF Submit 19b-4 Application Documents
Cointelegraph reports that Nasdaq has filed a 19b-4 application for the Grayscale Hedera ETF.
market dynamics
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