What’s Trending in Crypto Today: Senate & IRS DeFi Rule, Crypto Summit Near
Several key topics have garnered particular attention in the crypto community. On March 4, the US Senate overturned the IRS’s DeFi rule, which required DeFi platforms to report their gross profits.
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The crypto community is looking forward to Donald Trump’s first crypto summit scheduled for March 7, while Ethereum technology discussions keep attracting interest. Here are 3 posts on X/Twitter on different aspects of the diverse sector of cryptocurrencies.
1. IRS DeFi Tax Rule Overturned: Miles Jennings Reacts
Miles Jennings, general counsel at a16z Crypto, commented on the Senate's decision to repeal the IRS DeFi broker rule, calling it a major win for DeFi developers and U.S. innovation.
Jennings argued that the rule was harmful and posed a threat to the DeFi ecosystem.
On March 4, Congress disapproved it with 70-27 votes. “Crypto remains a rare bipartisan issue in DC”, Jennings mentioned in his post.
The resolution is now set to be discussed in the House of Representatives before reaching President Donald Trump.
Senators Ted Cruz and Mike Carey introduced the motion to repeal the DeFi rule in January 2025, arguing that DeFi participants should be required to comply with information reporting requirements.
2. Michael Saylor Will Be Present at the Digital Assets Summit
Bitcoiner Michael Saylor, CEO of MicroStrategy, confirmed that he’s been invited to the upcoming crypto summit at the White House. The roundtable aims to discuss the future of crypto and the regulatory framework in the U.S.
A key topic expected to be discussed is the strategic crypto reserve. Previously, Trump mentioned five assets under consideration for the reserve – XRP, ADA, SOL, BTC, and ETH – sparking widespread discussion.
Reposting Trump’s announcement, Saylor stated, “Bitcoin is the foundation of the crypto economy”, suggesting he might use the opportunity to pitch Bitcoin directly to Trump.
Meanwhile, U.S. Secretary of Commerce Howard Lutnick revealed that Trump is expected to announce a Bitcoin strategic reserve at the summit. In an interview with The Pavlovic Today, Lutnick also raised the question of how other cryptocurrencies will be handled.
3. Lefteris Karapetsas Says Ethereum Is Amazing Technology
The founder of the crypto portfolio tracker Rotki, Lefteris Karapetsas, discussed the benefits of Ethereum based on his personal experience. He’s been using Ethereum to pay his company's employees who are not based in Europe, making payments in stablecoins.
In his post, the crypto exec mentioned some Ethereum-based platforms and services that he uses daily. Those include crypto borrowing, managing, and payment solutions.
I know a lot of people may think that DeFi or payments are boring, – Lefteris said. – But I think the total opposite. It's amazing I can do all that today using EVM chains.
The Rotki founder, who was working for the Ethereum Foundation in 2014, added that back then, he didn’t even think that the Ethereum tech would have come so far.
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