Author: Sahil Poudel

White House and Lawmakers Push Back Against IRS DeFi Broker Rule

Summary: The White House is backing a Congressional Review Act (CRA) introduced by Senator Ted Cruz to overturn the IRS’s DeFi broker rule requiring KYC reporting by DeFi platforms. It has been branded an attack on the crypto sector by critics like Crypto Tzar David Sacks.The CRA only needs a simple majority to pass and can set the direction for future US regulations of crypto.

US legislators are moving to repeal the IRS’s broker rule that treats DeFi creators and front-end platforms as brokers who must track transactions and apply Know Your Customer (KYC) procedures. The rule applies to all digital assets, including NFTs and stablecoins.

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Republican Senator Ted Cruz is leading the push to pass the CRA, officially known as S.J. Res. 3, which would reverse the IRS regulation. The first vote was scheduled for March 5 but may be delayed due to scheduling conflicts, such as the State of the Union address.

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Critics of the rule argue that it disproportionately burdens DeFi creators and stifles innovation. Crypto Tzar David Sacks has called it “an 11th-hour attack” by the Biden administration. The White House prefers the CRA, stating the rule harms US crypto businesses and invades privacy. If the CRA prevails, it would stop similar regulations and signal a pro-crypto trend for future US government policies.

Solana Soars 22% as Trump Puts It Ahead of Bitcoin in U.S. Crypto Reserve

Summary: Solana (SOL) surged 22% to $172.38 after Donald Trump expressed a desire for a U.S. Crypto Strategic Reserve and named Solana, XRP, and Cardano as his top three choices ahead of Bitcoin and Ethereum. The market reacted with massive gains on a handful of assets.

Solana (SOL) rallied strongly, up 22% at $172.38 after former U.S. President Donald Trump announced his proposal for a U.S. Crypto Strategic Reserve. Trump mentioned Solana, XRP, and Cardano in his early announcement as top assets prior to adding Bitcoin and Ethereum later.

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He accused the Biden administration of choking crypto growth and promised to make the U.S. the world’s crypto capital. His pro-crypto stance has unleashed a rally in investor sentiment, with Solana’s market cap hitting $87.5 billion—a 23.63% increase in the last 24 hours. Trading volume also spiked 134.07% to $8.79 billion, indicating high market activity.

The broader crypto market followed suit. Cardano (ADA) jumped 70%, breaking out above $1, and XRP climbed 31% to $2.83. Bitcoin rose a more modest 5.5% to above $88,900.

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Now that Trump is openly embracing crypto, analysts believe this will open the door to institutional adoption and long-term growth for digital assets. As Solana moves to the forefront, the market holds its breath to observe how this shift in policy will shape the future of the space.

Crypto Market Surges as Trump Unveils U.S. Crypto Reserve Plan

Summary: The crypto market went wild after Donald Trump announced a proposal for creating a U.S. cryptocurrency reserve, which caused a staggering $863 million worth of liquidations. Bitcoin and altcoins saw tremendous price increases, with BTC hitting $92,000.

The cryptocurrency market went into a frenzy following the revelation by former U.S. President Donald Trump of a historic initiative to create a U.S. Crypto Strategic Reserve. His initiative, which aimed at making “America First” in the digital asset space, created a frenzy that recorded $863 million worth of liquidations over the past 24 hours.

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More than 191,000 traders saw their positions wiped out, including one massive liquidation of $15.49 million on Binance’s BTCUSDT pair. In total, $298.66 million came from longs—traders betting on price increases—while $547.17 million came from shorts who were expecting declines.

Bitcoin saw $315.14 million in liquidations, while Ethereum lost $160.23 million. There were large liquidations of XRP, Cardano, and Solana when prices increased as well. Trump announced, via Truth Social on 2 March 2025, that he favored XRP, Solana, and Cardano initially, then added Bitcoin and Ethereum.

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The market responded instantaneously. Bitcoin rose from $85,207 to $91,929 in 90 minutes and is now trading at $92,000. Ethereum increased by 10% to $2,410, XRP increased by 22% to $2.75, Solana increased by 15.15% to $165, and Cardano stole the show with a whopping 53.21% increase to $1.02.

Trump’s move has shaken the market, turning it into a full-fledged rollercoaster.

Binance CEO Applauds Japan’s Transparent Crypto Rules

Summary: Binance CEO Richard Teng praised Japan’s simple crypto regulations and rising adoption, referring to the country as having over 11 million crypto accounts in the previous year. In his speech at the Global Financial Technology Network Forum, he pointed out how Japan’s policies allow safe and sustainable development in the industry.

Binance CEO Richard Teng has complimented Japan’s regulatory strategy on cryptocurrency as transparent and a model for the development of the industry. Speaking at the Global Financial Technology Network Forum in Japan, Teng said that the country’s adoption of cryptocurrencies is growing, with over 11 million accounts in the previous year.

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He emphasized that Japan’s well-established regulatory framework supports a secure and sustainable digital assets environment. The country’s rules, led by the Financial Services Agency (FSA), offer transparency via the Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA). The legislations require exchanges to register, have stringent anti-money laundering (AML) and counter-terrorism financing (CFT) measures, and adhere to guidelines from the Japan Virtual Currency Exchange Association (JVCEA).

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Japan’s stringent regulation was seen when the FSA recently issued Bybit, KuCoin, MEXC Global, Bitget, and Bitcastle warnings for their operations without registration. Teng’s remarks point to Japan’s model being employed as a template by other countries looking to balance innovation and investor protection in the cryptocurrency space.

Singapore Busts NVIDIA GPU Smuggling Ring

Summary: Singapore police detained three men for smuggling NVIDIA graphics processing units to China, a charade uncovered in raids on February 27. The suspects, two Singaporeans and one Chinese national, are said to have deceived suppliers in an attempt to bypass stringent US export controls on high-end chips.

Authorities seized documents and electronics, while six others remain under investigation. The US has been cracking down on illegal GPU exports, fearing China’s access to advanced AI hardware. Singapore, now NVIDIA’s second-largest revenue source, is suspected of being a re-export hub, though NVIDIA denies wrongdoing.

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Meanwhile, the US Commerce Department is investigating Chinese AI firm DeepSeek for possibly using banned chips. Singapore’s government has warned companies against dodging export laws, reaffirming its stance against misuse of its trade system.

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Trump Unveils U.S. Crypto Reserve, Leaves Out Bitcoin

Summary: President Donald Trump has unveiled a plan for a U.S. Crypto Reserve, selecting XRP, Solana (SOL), and Cardano (ADA) and sidestepping Bitcoin and Ethereum. He made the announcement on Truth Social, saying this will make America’s digital asset industry stronger after what he termed “corrupt attacks” by the Biden administration.

This announcement ties back to an Executive Order he signed in January, directing the Presidential Working Group to study a crypto reserve. Meanwhile, Senator Cynthia Lummis is pushing for a Bitcoin reserve, and some states are considering their own crypto initiatives.

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On March 8, Trump will host a White House crypto summit, led by venture capitalist David Sacks and Working Group director Bo Hines, bringing in top industry leaders.

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Separately, the TRUMP Organization recently filed a trademark for “TRUMP,” hinting at metaverse-related projects. As Trump pushes his crypto agenda, he’s setting the stage for America to lead in digital assets.

Anatoly Yakovenko: Bitcoin Has No Real Value,Here’s Why

Summary: Solana co-founder Anatoly Yakovenko sparked debate on X saying, “Bitcoin has no value.” He said that unlike stocks or real estate, Bitcoin doesn’t offer future cash flows, therefore is a form of insurance against unprecedented global catastrophes.

Yakovenko put the probability of a superpower falling apart at 1% per year and stated he is willing to invest 1% of his fortune in an asset that could withstand such a collapse. He also took issue with Bitcoin for not having technological advancements in its 15-year history and wondered how its value could be quantified without a definite financial model.

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His statements provoking mixed responses. Some drew comparisons between Bitcoin and gold, a hedge commodity in periods of inflation. Journalist Laura Shin responded that the simplicity of Bitcoin makes it global and that its $1 trillion market cap is evidence of its value.

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Yakovenko insisted, insisting that companies like Apple could be valued by earnings, but Bitcoin cannot be quantified in terms of such metrics. The arguments continue to rage, yet there is one certainty: what is valuable is decided by the market.

SEC Confirms Meme Coins Aren’t Regulated, Warns of Fraud

Summary: The SEC has officially declared that meme coins are not considered securities under U.S. law. In a February 27 statement, the agency clarified that meme coins function as collectibles rather than financial assets since they don’t guarantee profits or income.

While the SEC is not regulating meme coins directly, it warned that fake transactions would be met with prosecution by other officials. The crypto space welcomed this transparency positively, and analysts have indicated that it can bring more investors into the market. Crypto-friendly exchanges such as Coinbase and Robinhood saw small bumps in their stock prices following the announcement.

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Concurrently, politicians are demanding stricter controls. The MEME Act, introduced, would criminalize profiting by public officials from endorsing meme coins. This follows on the TRUMP coin scandal, when its price wildly oscillated following its release.

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The SEC stance brings regulation clarity, even though the threats in the meme coin environment remain, most notably with scams and political activism now more widespread.

Football Legend Ronaldinho Teases Crypto Project Amid Scam Concerns

Summary: Brazilian football icon Ronaldinho warned off users from imposter meme coins being traded in his name and suggested a big crypto-related revelation. His post is well-timed as meme coins lose appeal, with investors gravitating toward utility-based altcoins.

Cryptocurrency analyst Michael van de Poppe, nonetheless, criticized the move, asking Ronaldinho to put efforts toward safeguarding investors rather than coming up with a meme coin.Others worry that whoever helps him create a token could exploit his reputation. These concerns aren’t unfounded—Ronaldinho was previously linked to a crypto scam.

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Celebrity-backed meme coins often fail. Tokens tied to figures like Trump, Iggy Azalea, and Andrew Tate have dropped over 80%, and 97% of meme coins eventually become worthless. Even Binance’s former CEO has warned against them, calling them harmful to crypto’s reputation.

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Despite the risks, meme coins remain part of the industry, and the SEC recently clarified they aren’t securities. Whether Ronaldinho’s project will succeed or fade like many others remains to be seen.

Michael Saylor Stirs Controversy Again With Bitcoin Comments

Summary: MicroStrategy executive chairman Michael Saylor quipped that individuals should “sell a kidney” but hold onto their Bitcoin. His comment comes after Bitcoin fell 19% this month, currently trading at $81,883. With market concerns regarding liquidity, economic uncertainty, and trade tensions, investors are nervous.

Saylor, whose company holds nearly 500,000 BTC, refuses to sell despite MicroStrategy’s $8 billion debt. His tweet got mixed reactions—some laughed, while critics like Peter Schiff called him reckless. This isn’t the first time Saylor has made bold Bitcoin claims; in 2021, he urged people to mortgage their homes for BTC

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Beyond social media, he’s been lobbying U.S. lawmakers to establish a Bitcoin reserve, arguing it could strengthen the country’s financial future. He even tried to get Jeff Bezos interested, calling Bitcoin the key to free markets and personal liberty.

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Despite Bitcoin’s struggles, Saylor remains one of its loudest supporters, willing to go to extreme lengths to convince others to hold on.

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