Blockchain
Blockchain groups challenge new broker reporting rule
Published
1 month agoon
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adminThree prominent blockchain advocacy organizations filed a lawsuit challenging the Internal Revenue Service’s new broker reporting requirements.
The organizations argue that the rules could severely impact the U.S. digital asset sector, particularly decentralized finance (DeFi).
The Blockchain Association, DeFi Education Fund, and Texas Blockchain Council jointly filed the legal challenge in the U.S. District Court for the Northern District of Texas.
They contended that the IRS and Treasury Department’s final “broker” rulemaking exceeds their authority.
The lawsuit specifically targets the rule’s expansion of the “broker” definition to include providers of DeFi trading front-end services, despite these entities not directly facilitating transactions.
The Blockchain Association CEO Kristin Smith called the broker rule “unconstitutional,” alleging that the IRS is violating the Administrative Procedure Act.
According to the Blockchain Association’s Head of Legal, Marisa Coppel, this overreach “would push this entire, burgeoning technology offshore” while infringing on the privacy rights of individuals using decentralized technology.
DeFi Education Fund CEO Miller Whitehouse-Levine expressed strong disappointment in the timing and scope of the regulation. Miller called it “midnight rulemaking” that threatens financial innovation.
The organization emphasized DeFi’s potential to make financial services more accessible, efficient, and consumer-focused.
Texas Blockchain Council President Lee Bratcher highlighted the practical impossibility of compliance. He stated that many actors in the decentralized ecosystem simply cannot access the information now required by the IRS.
“This regulatory overreach risks driving critical development overseas, threatening US competitiveness in the digital economy,” Bratcher stated.
The legal challenge comes after numerous stakeholders warned during the public comment period about the potential negative impacts on the digital asset industry. Crypto.news had earlier reported that DeFi proponents had promised aggressive action against the IRS policies.
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Sonic Now ‘Golden Standard’ of Layer-2s After Scaling Transactions to 16,000+ per Second, Says Andre Cronje
Published
14 hours agoon
January 30, 2025By
adminThe newly rebranded layer-1 blockchain Sonic (S) is being called the “golden standard” of layer-2s (L2s) by Andre Cronje, the project’s co-founder.
Cronje claims on the social media platform X that Sonic, formerly known as Fantom, is the “only actual decentralized stage 3 L2.”
“No fee extraction, all submits 100% to ETH, no ‘centralized value extraction’. Decentralized sequencing. Decentralized bridges.
While the rest of the L2s continue to fake pretend to ‘decentralize’ (why would they when they get millions of fees per year?), we already did it.
Scaled transactions per second to 16,000+ on the L1. Decreased storage by 98% even on archival nodes. Scaled L1 and jumped to the ‘golden standard’ of L2. Not even mentioning FeeM, FeeSub, and Dynamic Fees.”
A South Korean computer scientist launched Fantom (FTM) in 2018. The project aimed to serve as a tool to aggregate smart contracts into decentralized applications (dApps).
Last year, the development team behind the blockchain announced a rebrand to Sonic as a way to improve transaction efficiency.
Investors can trade in their FTM tokens at a 1:1 rate for S tokens, which will have multiple functions within the Sonic ecosystem.
S is trading at $0.453 at time of writing. The 85th-ranked crypto asset by market cap is down nearly 8.5% in the past 24 hours.
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Blockchain
Sei Foundation launches $65m DeSci venture fund
Published
1 day agoon
January 29, 2025By
adminSei Foundation has unveiled a $65 million venture fund aimed at investments in the decentralized science ecosystem.
In an announcement first published by The Block, the Sei Foundation said its “Sapien Capital – Open Science Fund I” will look to invest in DeSci projects building on the layer 1 blockchain Sei (SEI).
With the crypto and blockchain space transforming science funding, and DeSci research gaining traction, the $65 million fund aims to redefine the sector. According to the Sei Foundation, Sapien Capital will not only change how science is funded but also how it is shared and validated.
According to the announcement, the new fund is not designed for the Sei ecosystem and, therefore, does not include grants.
Instead, it is targeted at venture investments in DeSci startups, including those focused on gamified drug discovery and wearables. The fund will invest in both project tokens and equity, with check sizes ranging from $100,000 to $2 million.
Sapien Capital plans to fully deploy its capital within the next three to four years, Sei Foundation’s head of business development and investments, Justin Barlow, said.
Interest in DeSci has VC investment from some of the leading venture funds in the space. This includes a16z Crypto’s investment in AminoChain last September and YZi Labs, previously Binance Labs’ bet on BIO Protocol in November.
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Blockchain
Elon Musk Said to Propose Blockchain Use at D.O.G.E. for Efficiency: Bloomberg
Published
3 days agoon
January 27, 2025By
adminElon Musk, picked by President Donald Trump to lead the new Department of Government Efficiency, proposed using blockchain technology as part of the operation, Bloomberg reported.
Musk suggested that using a digital ledger would be a cost-efficient way to track federal spending, secure data, make payments and manage buildings, according to people familiar with the matter.
Several representatives of public blockchains have met with affiliates of DOGE, the people said.
The department was created in response to the federal government’s spending of $6.7 trillion in fiscal 2024, which Musk in October called “wasted” money. He promised the department — whose acronym is a nod to Musk’s favorite cryptocurrency, dogecoin (DOGE) — would slash the figure to at most $2 trillion.
Given the department’s name and Trump’s determination to establish crypto-friendly policies in the U.S., Musk’s plan to incorporate blockchain technology doesn’t come as a surprise.
In addition to creating DOGE on Jan. 20, Trump signed an executive order to create a working group on digital assets led by venture capitalist David Sacks with a mandate to identify all regulations that currently touch crypto within 30 days, among other things.
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