Crypto's Senate Showdown: DeFi's Future Hangs in Balance

The U.S. Senate is set to vote this week on a measure to overturn a controversial Internal Revenue Service (IRS) rule that has been criticized by the crypto industry as a threat to Decentralized Finance (DeFi). The rule, proposed in December, aimed to expand the range of brokers required to disclose certain tax information, putting crypto DeFi projects in a difficult position. Some senators are now seeking to use the power of the Congressional Review Act to erase the rule, while also attempting to pass another last-minute rule: the Consumer Financial Protection Bureau's rule on digital payment apps.

In other news, former U.S. President Donald Trump has expressed his desire to make the U.S. the world capital of cryptocurrency. Meanwhile, the Ethereum Foundation has appointed a new executive director, raising hopes that the new leader can help save ETH. Additionally, Trump's "pump and dump" reserve strategy has sparked speculation about which crypto ETF will be next. Lastly, a soccer star's alleged rug pull has left retail investors with a significant loss.