nienaeh5

@nienaeh5

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Typhoon approaching. Prepare now.

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Kristin Smith, CEO of the crypto advocacy group The Blockchain Association, said in a March 4 post on X that it was a big day for “DeFi – and the US crypto industry.”

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“It just means that the taxpayer needs to report directly to the IRS without an intermediary taking on this obligation,” Cohen said.

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Still, given that it never went into force, all the requirements haven’t changed, he added.

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State crypto investment bills have been rejected in Montana, Wyoming, North Dakota, South Dakota and Pennsylvania.

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There are currently 18 US states that have crypto reserve bills pending Senate votes, while two — Arizona and Utah — are in the final stages of the approval process.

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“You can sit down in front of some software, create a coin and have it be trading in 5 minutes [...] That’s a scary thing,” Tenev said in a Feb. 25 interview with Bloomberg. “It’s also an incredibly powerful thing if you juxtapose it with how cumbersome the IPO process is.”

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However, the stablecoin issuer is facing mounting pressure from both competing firms and politicians, Ardoino said in a Feb. 25 X post.

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That won’t magically solve regulatory acceptance, but it may demonstrate that decentralized, privacy-respecting methods can achieve similar aims. Over time, regulators might accept these new methods if they see effective results.

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Onchain transparency allows for reputation systems. You might judge a counterparty’s trustworthiness by past transactions rather than passport photos. Tools like Chainalysis can tag suspicious addresses, while credit-scoring protocols rely on verifiable history. Combined with ZK-proofs, we could create a self-regulated ecosystem where bad actors are naturally filtered out.

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Zero-knowledge (ZK) proofs and privacy-preserving tools can help. Services like ZK-based identity checks enable people to validate specific facts without exposing all their data, similar to Privado.ID or zkPassports could help prove someone’s eligibility without the delicate paperwork.

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Rather than always “Knowing Your Customer,” we might shift toward “Knowing Your Peer.” In true DeFi, peer-to-peer interactions dominate. If a business needs to ensure compliance, it can selectively verify a counterparty’s attributes without revealing or storing the identity.

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KYC is also an outdated solution that is now imposed on cutting-edge technology. DeFi protocols are decentralized code, not transacting intermediaries. True DeFi protocols can’t run away with your money. The “KYC or bust” model is awkward at best and lacks regulatory diligence at its worst. They also diminish the effects of other regulations like privacy protections, which lack impact on deterring serious crime but often burden honest users and create data-honeypot risks.

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Initial payouts are set to be completed within 10 business days after the scheme is approved and activated. The remaining claims will be tied to recovery tokens, which will be periodically repurchased using platform profits and revenues from a planned decentralized exchange that WazirX aims to launch.

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The exchange plans to repay users affected by the cyberattack by introducing recovery tokens. These tokens represent remaining claims and allow creditors to benefit from future platform profits and recovered assets.

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The restructuring is being carried out under a Singapore Scheme of Arrangement, a legal framework that allows companies to propose binding agreements with creditors.

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The court noted that a speedy resolution and quick distribution of funds would be the best outcome for users. It also supported restructuring over liquidation, citing financial projections from Kroll.

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WazirX will initiate a user voting process, which is expected to conclude within three months, along with an independent third-party audit. If the majority votes in favor, the scheme will be implemented, and within 10 days, net liquid assets will be distributed to users based on their claims, including any gains from the bull market.

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This followed a joint statement from the US, Japan and South Korean governments linking North Korea’s Lazarus Group to a breach of WazirX’s platform.

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According to the court hearing, there was no evidence of WazirX’s wrongdoing or misconduct in the cyberattack.

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