nnyrev5

@nnyrev5

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ITAP Rain is coming soon.

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The Senate voted 70 to 27 on March 4 to approve a motion to repeal the rule that would expand existing IRS reporting requirements to include decentralized exchanges and require brokers to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.

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The US Senate has passed a resolution to repeal a Biden-era rule that would require decentralized finance (DeFi) protocols to report to the Internal Revenue Service (IRS).

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“Cryptocurrencies are tradable around the world, more regulated in some parts of the world, and less to not regulated in other parts of the world,” DekaBank’s digital asset executive Andreas Sack told Cointelegraph at the time, pointing to potential risks arising from regulatory disparities.

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Quintenz previously led the agency from 2017 to 2021 under the first Trump administration after being nominated by former US President Barack Obama in 2016.

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As of Feb. 21, Bitcoin dominance stands at 58%, up from lows of 51.5% in December, according to data from CoinStats. This figure typically reverses during the altseason

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According to Folkman, part of the reason ICOs failed was that there wasn’t enough regulation, which now also appears to be a problem with memecoins.

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ICOs, once a popular method of raising funds in the crypto industry, faced massive scrutiny from US financial regulators in the aftermath of the ICO boom in 2017.

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“And if you’re going to allow a VC to come in and get something that’s not available to anybody else, it’s almost very anti-crypto, in my opinion,” Folkman added.

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Contrary to the vision of VCs — most of which Folkman sees as predatory — crypto is about giving everybody access to the same information and the same opportunities, he said.

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“What they want to do is they want to engineer everything so that they win. And even if it’s at the expense of somebody else,” he said. In such a scenario, investors are not wrong for losing confidence in crypto, Folkman noted:

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Beta projects or those with a minimum viable product can receive up to $650,000, including $300,000 in direct investments, $200,000 in API credits and grants between $10,000 to $50,000.

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There is also a portion of $500,000 for token or stablecoin grants, enabling project teams to cover essential operational costs. This tiered structure aims to support developers at varied stages, from early concepts to more established teams ready to refine and expand their ideas.

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The overall $5 million pool is divided into distinct categories to address different needs within the community. A $3 million investment pool sits alongside recognized industry partners, while $1.5 million is reserved for API credits, giving participants direct access to bitsCrunch’s data infrastructure.

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The grant emerges from bitsCrunch, a data and analytics platform dedicated to providing real-time insights for various blockchain ventures. By combining analytical tools with flexible funding, bitsCrunch aims to foster projects that bring creative solutions to decentralized ecosystems.

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One initiative answering this call is a newly launched ecosystem grant program, offering a holistic approach to growing the Web3 community. The program allocates a total of $5 million in direct investments, application programming interface (API) credits and token-based support, with the goal of encouraging innovation.

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That’s why the demand for well-structured solutions continues to grow. From non-fungible tokens (NFTs) to broader decentralized finance (DeFi), there is a pressing need for transparent and comprehensive development support.

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Many teams in the Web3 space look for reliable insights, yet they face hurdles when it comes to high-quality analytics, accessible infrastructure and consistent funding. Even for skilled developers, obtaining the resources needed to build sophisticated applications can feel like navigating uncharted territory.

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“We are checking whether the exchanges properly comply with their implementation plans, such as expanding servers and improving internal processes. We also plan to check whether they are responding well to complaints, including whether compensation standards are well set,” said a spokesperson representing South Korea’s financial regulator, the Financial Supervisory Service.

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According to the Yonhap report, financial authorities in South Korea have resumed on-site inspections of crypto exchanges since Dec. 20. Crypto exchanges are expected to implement measures such as server expansion, cloud conversion and improvement of emergency response plans (BCPs) to prevent service disruptions.

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