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US lawmakers advance resolution to repeal ‘unfair’ crypto tax rule

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The U.S. House of Representatives has moved forward with a resolution aimed at repealing the controversial “DeFi broker rule,” which mandates brokers to report cryptocurrency transactions to the Internal Revenue Service (IRS). The regulation, scheduled to take effect in 2027, expands reporting requirements to decentralized exchanges and compels brokers to disclose transaction details, including taxpayer information.

On Feb. 26, the House Ways and Means Committee voted 26 to 16 in favor of overturning the rule, arguing that it constitutes an overreach by the IRS. Critics, including DeFi advocacy groups, claim the regulation is both unlawful and impractical, as decentralized finance platforms often lack the means to collect the required user data. Supporters of the repeal argue that the rule threatens financial innovation and unfairly burdens U.S.-based crypto firms while exempting foreign entities.

The resolution now faces additional hurdles, needing approval from the full House and Senate before it can be sent to President Trump for final approval. Lawmakers backing the repeal contend that the rule, introduced during the Biden administration, could stifle America’s leadership in the digital asset space and create excessive administrative burdens. Former IRS Commissioner Charles Rettig also warned that enforcing the rule would result in overwhelming paperwork for the IRS.

With a Republican-controlled Senate and House, industry leaders speculate that the U.S. government may adopt a more pro-crypto stance. This shift has already been reflected in recent regulatory developments, including the SEC’s decision to drop several cases against crypto firms. The push to repeal the DeFi broker rule aligns with broader efforts to establish the U.S. as a more welcoming environment for cryptocurrency and blockchain innovation.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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