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Blockchain Association Files Suit To Challenge IRS and Treasury Department’s DeFi Broker ‘Midnight’ Rulemaking

A prominent nonprofit crypto advocacy group is filing a lawsuit to dispute new reporting rules for decentralized finance (DeFi) brokers. In a new press release, the Blockchain Association says the “midnight” decision by the Internal Revenue Service (IRS) and the Treasury Department to force DeFi protocols to follow the same reporting rules as securities brokers would “cripple” the US digital assets industry and impose unlawful compliance regulations on developers. Last week, the Treasury Department issued a press release about a new rule that requires DeFi brokers to report on the gross proceeds of sales of their digital assets. As stated by Marisa Coppel, head of legal at the firm, “The IRS and Treasury have gone beyond their statutory authority in expanding the definition of ‘broker’ to include providers of DeFi trading front-ends even though they do not effectuate transactions. Not only is this an infringement on the privacy rights of individuals using decentralized technology, it would push this entire, burgeoning technology offshore. Blockchain Association continues to stand with the innovators and users of DeFi, and will continue to fight this misguided rulemaking to ensure the United States remains a home for decentralized finance technology and developers alike.” In a recent thread on the social media platform X, Kristin Smith, the chief executive of the Blockchain Association, says the new rules are unconstitutional. “Today we’re taking action, filing a lawsuit that argues today’s broker rulemaking violates the Administrative Procedure Act and is unconstitutional. We stand with our nation’s innovators and will continue working to ensure the future of crypto – and DeFi – is here in the United States.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney Featured Image: Shutterstock/WindAwake The post Blockchain Association Files Suit To Challenge IRS and Treasury Department’s DeFi Broker ‘Midnight’ Rulemaking appeared first on The Daily Hodl . CryptoIntelligence

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Wall Street Pepe ICO raises over $38M in fastest growing crypto presale

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Meme coin market dips 2.23% to $96.5B, but Wall Street Pepe defies trends, raising $38M since December 3rd launch. Table of Contents WEPE seeks to level the playing field for all traders Experts highlight WEPE’s strong community and explosive potential WEPE’s price will increase by another 147% before it launches – here’s how to enter the presale The meme coin market is down by 2.23% in the past 24 hours, which brought its value to $96.5 billion, a far cry from its ATH of $137 billion earlier this month. Despite the bearish market sentiment, Pepe-themed meme coins are seeing gains today, with Pepe (PEPE) and Book of Meme gaining over 3% each. Although most established meme coins struggle to make significant gains, Wall Street Pepe (WEPE) is bursting through its funding goals at a rapid rate, even when the broader meme coin market faces red trends. Since its inception on December 3rd, the project has raised over $38 million as investors add WEPE to their portfolios to secure their spot in its upcoming trading channel. Let’s take a look at what WEPE intends to bring to the meme coin space and whether it’s a worthwhile investment. You might also like: Pepeto vs. Wall Street Pepe: Competing visions for frog-themed dominance in 2025 WEPE seeks to level the playing field for all traders Purchasing WEPE during or after its presale phase will reward its holders with a spot in its trading channel, which aims to help smaller traders navigate the market and spot good investments to rival whales. According to the project’s whitepaper , WEPE’s developers intend to share trading strategies, signals, market insights, investment calls, and more, giving WEPE utility. WEPE’s team has also allocated 15% of its total 200 billion token supply to Trading Rewards, a special rewards system that will be available to those following the trading channel. To become eligible for WEPE’s trading rewards, investors will need to follow its trading calls and submit proof of their investment in its VIP channel during WEPE’s upcoming weekly trading competitions. https://twitter.com/WEPEToken/status/1863905080426058015 WEPE’s popularity and early presale success come as no surprise, as it is featured in Best Wallet’s Upcoming Tokens section, which makes it visible to over 100,000 of its monthly users. Previously, Best Wallet featured Pepe Unchained (PEPU) and Catslap (SLAP), which left their presale stages and made 600% and 5,500% gains in just 48 hours post-launch, respectively. Since WEPE is currently outperforming them, averaging more than $1 million raised daily, it could repeat their success on launch or deliver even greater returns. Experts highlight WEPE’s strong community and explosive potential Although Wall Street Pepe offers utility by acting as a key to the project’s upcoming crypto signals channel, it’s a meme coin first, and as such, its success largely depends on the strength of its community. The project allocated 38% of its total token supply to marketing, which has already helped it amass an impressive follower count of more than 28,600 on X (Twitter) and 12,000 on Telegram . Besides attracting investors, WEPE is receiving significant attention from crypto experts, including 99Bitcoins, a channel run by a team of meme coin analysts with over 720,000 subscribers. Experts from the 99Bitcoins team see a 100x potential in WEPE, pointing to its growing community and unique approach to the meme coin market. They’ve also pointed out that the project offers a 34% staking APY, allowing investors to passively earn extra WEPE. They see purchasing and staking WEPE as an excellent alternative to investing in established coins that are facing high volatility. The experts have encouraged their audience to start accumulating WEPE during its presale’s early stages, as its price increases every 24 hours, and it has already shot up by 83.05% since December 3rd. WEPE’s price will increase by another 147% before it launches – here’s how to enter the presale WEPE has allocated 20% of its total token supply to the presale, leaving 40 billion tokens up for grabs before it launches on DEXs. The project’s whitepaper reveals that the presale will end on April 25th, 2025, or once the tokens reserved for the presale sell out. Additionally, the whitepaper shows the final presale stage will see WEPE selling for $0.000249, representing a 147% increase from its current price of $0.0003661. WEPE’s per-token price will increase every time a funding goal is reached or enough time passes, which usually happens every day, leaving investors with limited time to secure it at lower prices. Ritual complete. Green candles lighting the way. ???? ⚔️ pic.twitter.com/9lZZr4diqN — Wall Street Pepe (@WEPEToken) December 29, 2024 Investors can add WEPE to their portfolios by purchasing it with ETH, BNB, USDT, or a credit or debit card. No minimum investment is required, making the presale equally attractive to whales and casual traders. Besides early adoption, WEPE’s developers also emphasize investor security. The project’s smart contract has been audited by Coinsult , which found no critical threats to investor funds. Plus, 15% of the total token supply is set aside for liquidity, minimizing the risk of a rug pull. Although there are no guarantees when it comes to the success of meme coins, WEPE stands a solid chance to explode on launch if it keeps its momentum in 2025. For more information, visit the Wall Street Pepe presale website . Read more: Pepeto and Wall Street Pepe: The meme coins racing for 2025’s top spot Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company. CryptoIntelligence