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Seeds of Wisdom
TRUMP MAKES HISTORY SIGNING FIRST CRYPTO BILL INTO LAW – THE LAW REPEALS THE IRS’S CONTROVERSIAL ‘DEFI BROKER RULE’
In a historic move, President Trump has signed into law a bill that blocks the Internal Revenue Service from collecting tax reporting data from decentralized crypto platforms.
It marks the first time a cryptocurrency-specific piece of legislation has become law in the United States.
The bill, introduced under the Congressional Review Act by Republican Senator Ted Cruz (R-TX) to repeal the IRS’s so-called “DeFi broker rule,” passed the Senate on March 26 with overwhelming bipartisan support in a 70–28 vote. A similar version, led in the House by Congressman Mike Carey (R-OH), had passed with a comparable ‘supermajority’ just two weeks earlier.
The controversial DeFi broker rule, introduced in the final days of the Biden administration, would have required decentralized crypto entities, such as exchanges without a central governing body, to comply with traditional IRS reporting requirements.
Critics argued that the mandate was overly burdensome, risked stifling innovation, and could significantly hinder growth in the DeFi sector.
“This rule would have undermined American leadership on cryptocurrency and I am grateful to President Trump for signing my resolution into law,” Cruz, who attended the signing ceremony Thursday afternoon, told Crypto In America. “The resolution is a victory for innovation, privacy, and economic freedom.”
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“We are protecting the developers who are building the future of cryptocurrency, making clear that the United States will not cede digital leadership to China, and preserving the ability of Americans to conduct transactions without government interference,” Cruz added.
The move is being hailed as a victory by industry leaders who are looking to the crypto-friendly T------------------n to safeguard the rights of builders and software developers, who felt they were unfairly targeted by the regulation-heavy Biden administration.
“This bipartisan action underscores our nation’s commitment to fostering innovation and ensuring that Americans retain the freedom to choose how they transact, said Amanda Tuminelli, CEO of the DeFi Education Fund, an advocacy group focused on decentralized finance. “President Trump’s signature is a critical signal change for the crypto industry: the United States has embraced a sensible, forward-thinking approach to digital assets.”
The bill signing marks the second major win for DeFi proponents this week, following a Monday memo from the Deputy Attorney General clarifying that the DOJ will no longer pursue software developers for actions taken by third-party users on their platforms.
@ Newshounds News™
Source: CryptoInAmerica
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SEC DROPS SUIT AGAINST HELIUM FOR ALLEGED SECURITIES VIOLATIONS
The agency’s lawsuit against Helium was its final action under former Chair Gary Gensler, aiming to penalize a crypto firm for a token launch.
The US Securities and Exchange Commission (SEC) has dismissed a lawsuit against Nova Labs, developer of decentralized wireless network Helium, for allegedly issuing unregistered securities, Helium stated in an April 10 blog post.
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Filed in January 2025, the lawsuit was among the SEC’s final enforcement actions against a cryptocurrency developer under former Chair Gary Gensler, who stepped down from his post on Jan. 20 after US President Donald Trump took office.
The dismissal with prejudice means the blockchain developer cannot be charged with similar violations again for issuing in 2019 its native token Helium, the company said.
“[W]e can now definitively say that all compatible Helium Hotspots and the distribution of HNT, IOT, and MOBILE tokens through the Helium Network are not securities,” Helium said.
“[T]he outcome establishes that selling hardware and distributing tokens for network growth does not automatically make them securities in the eyes of the SEC [and] that the SEC cannot bring these charges against Helium again,” it added.
The SEC’s Helium reversal came the same day Trump-nominee Paul Atkins formally replaced Gensler as SEC Chair after a lengthy confirmation process in the Senate.
Helium is a blockchain network designed to let “anyone build and own massive wireless networks,” according to its website. The protocol reports having roughly 375,000 active hotspots.
According to CoinGecko, HNT has a market capitalization of approximately $480 million as of April 10 — down from highs of more than $5 billion in November 2021.
Changing policy stance
Under Gensler, the SEC brought upward of 100 charges against Web3 developers for various alleged securities violations.
Since Trump took office, the SEC has sharply reversed course, dropping numerous charges against crypto firms, including Coinbase, Kraken, Ripple and Uniswap.
Trump has positioned himself as a pro-crypto President, promising to make America the “world’s crypto capital,” appointing industry-friendly leaders to key regulatory posts, and ordering the federal government to create a national Bitcoin reserve.
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For some crypto executives, Trump’s policies — such as announcing sweeping tariffs on US imports in April — threaten to stymie crypto’s progress.
@ Newshounds News™
Source: CoinTelegraph
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Source: Dinar Recaps
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CHINA IMPOSES NEW TARIFFS, BLAMES US FOR GLOBAL TENSIONS
China has responded sharply to U.S. President Donald Trump’s latest tariff hike, calling the United States a “joke” and imposing retaliatory tariffs of its own, as European Union leaders prepare an unusual visit to Beijing amid growing global trade tensions.
Xi Criticizes Trade Isolation
China responded forcefully on Friday to a dramatic tariff increase by the United States, announcing a 125% tariff on American goods and calling the U.S. approach to trade “economic b------g,” the Times of India reports. The move came just hours after U.S. President Donald Trump raised duties on Chinese imports to 145%, a decision that Beijing said violated international trade rules.
In a statement, China’s commerce ministry a-----d Washington of turning the tariff dispute into a “numbers game,” stating that such actions lacked economic rationale and only served to undermine U.S. credibility. “The successive imposition of excessively high tariffs on China by the U.S. has become nothing more than a numbers game,” a ministry spokesperson said. “It merely further exposes the U.S. practice of weaponizing tariffs… turning itself into a joke.”
China Imposes New Tariffs, Blames US for Global Tensions
The Times of India report explains that the new tariffs will take effect on Saturday, according to China’s State Council Tariff Commission. The Chinese government emphasized that the action was defensive in nature and framed it as a necessary response to what it called “completely unilateral” moves by the U.S.
On Truth Social, Trump proclaimed, “We are doing really well on our TARIFF POLICY. Very exciting for America, and the World!!! It is moving along quickly.” During the interval when he temporarily halted certain global tariffs, he added that China remained in the crosshairs “based on the lack of respect that China has shown to the World’s Markets.”
The Times of India further noted that President Xi Jinping also weighed in, saying China is not intimidated by external pressure. Speaking with Spanish Prime Minister Pedro Sánchez, Xi declared, “There are no winners in a trade war, and going against the world will only lead to self-isolation.”
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European Union Officials Reportedly Set to Visit Xi in July, Yuan Weakens
As the standoff escalates, Bloomberg and the South China Morning Post (SCMP) reported that top European Union officials are reportedly preparing a rare mid-year visit to Beijing for talks with Xi.
Citing five unnamed sources, the SCMP disclosed that the visit could take place in late July, breaking with tradition that typically sees the Chinese delegation travel to Europe.
The move signals the EU’s interest in aligning more closely with China on trade, especially as it faces potential fallout from the U.S.’s aggressive tariff strategy. Xi has urged European partners to unite in resisting what he called “unilateral b------g.”
Meanwhile, China filed two complaints with the World Trade Organization (WTO) to challenge the legality of the U.S. tariffs, while Xi prepares for diplomatic visits to Vietnam, Malaysia, and Cambodia in a bid to strengthen regional alliances amid mounting tensions.
As of April 11, 2025, the Chinese yuan (CNY) has exhibited a modest recovery in its valuation against the U.S. dollar. Just two days prior, on Wednesday, April 9, the yuan slipped to depths not seen in over 17 years, settling at 7.3498 per dollar—its weakest close since Dec. 2007.
In parallel, the DYX Dollar Index on Friday registered a three-year low against a composite of major fiat currencies, touching 99.314 in the early trading session.
@ Newshounds News™
Source: Bitcoin News
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XRP SET TO EXPLODE? RIPPLE AND SEC FILE JOINT REQUEST
XRP s--t up almost 3% in the past 24 hours after Ripple and the SEC submitted a joint filing for a 60-day pause to their appeals and cross-appeals.
▪️ Ripple and SEC pause legal battle, signaling a near-final settlement that could reshape crypto regulation.
▪️ XRP trades near critical resistance at $2.10, with RSI and Bollinger Bands hinting at an imminent breakout.
▪️ The SEC withdrew its appeal in March against Ripple Labs, sparking settlement rumors.
American fintech firm Ripple and its cryptocurrency XRP are once again the center of attention in both legal and market circles amid a notable development in the legal battle against the United States Securities and Exchange Commission (SEC).
At press time, the cryptocurrency is trading at $2.02, up 2.83% on the day, with technical indicators hinting at a potential trend reversal, as per CoinMarketCap data.
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Legal Clarity in Sight: A 60-Day Pause Toward Settlement
Ripple and the SEC have jointly filed a motion to place their respective appeals and cross-appeals in a 60-day temporary suspension, suggesting both parties are edging closer to a settlement.
According to the filing, the pause will give them time to finalize an agreement-in-principle that could resolve the lawsuit completely, pending approval from the SEC.
This marks a crucial development in the landmark case that began in late 2020, when the SEC a-----d Ripple of conducting unregistered securities sales via XRP.
The case has held major implications for how cryptocurrencies are regulated in the United States.
A changing political climate, sparked by the e------n of President Trump, appears to have softened the SEC’s stance on crypto overall.
In recent months, the regulator has dropped lawsuits against other major crypto firms such as Coinbase and Kraken.
Last month, Ripple CEO Brad Garlinghouse revealed that the SEC had already withdrawn its appeal against the ruling that said the firm’s programmatic XRP sales didn’t violate securities laws.
Ripple, in turn, has decided not to pursue its cross-appeal.
With both sides easing up and aiming to conserve resources, the groundwork is laid for a negotiated conclusion to one of crypto’s most closely watched legal sagas.
XRP Price Analysis
From a technical standpoint, XRP is currently navigating a critical juncture. The daily chart reveals that the price is hovering just below the 20-day EMA at $2.10, a key resistance level.
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A clean break above this could catalyze further upside momentum.
The Bollinger Bands are tightening, with the upper band at $2.50 and the lower band at $1.77, indicating a period of volatility compression.
This often precedes a breakout, though the direction remains uncertain. A move above $2.10 with strong volume could see XRP test the upper band around $2.50, while a rejection could drag it back toward the lower band near $1.77.
Meanwhile, the Relative Strength Index (RSI) is at 44.61, with its moving average at 39.76, still in neutral territory but edging upward.
This suggests that momentum is gradually building after a prolonged cooldown phase. If RSI crosses above 50, it could signal a bullish shift in sentiment.
@ Newshounds News™
Source: CoinSpeaker
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Source: Dinar Recaps
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