IRS scraps DeFi broker rule protecting privacy, Bitcoin hits $116K ATH with $425M shorts liquidated, Ether tops $3K

IRS officially removes DeFi broker reporting rule, safeguarding user privacy and protocol autonomy

The IRS has formally eliminated the DeFi broker reporting rule from the federal tax code. Originally introduced in the final weeks of President Biden’s administration but never enacted, the rule would have required decentralized finance platforms to report customer data like traditional brokers. Industry leaders argued this was incompatible with DeFi’s automated, intermediary-free structure and threatened user privacy. The rule was repealed by Congress in a bipartisan vote, and President Trump signed the resolution into law in April, marking the first crypto-related bill he approved. The Treasury and IRS officially removed it on June 17, with the decision announced publicly on Thursday. The move preserves DeFi’s anonymity features and exempts protocols from traditional broker definitions going forward.

Pump.fun acquires Kolscan to boost social trading tools ahead of $1B ICO

Pump.fun has made its first acquisition, purchasing wallet tracker Kolscan, which tracks top onchain traders’ activity, token PnL, and ranks them on a leaderboard. The move aligns with Pump.fun’s goal to blend social media and onchain trading, aiming to keep users on its own platform instead of third-party sites. The acquisition comes just before Pump.fun’s ICO on July 12, where it plans to sell 33% of its PUMP token, targeting a $4 billion valuation. The company also plans to share 25% of revenue with token holders.

Bitcoin soars past $116,000 all-time high as $425M in shorts liquidated, Ether hits $3,000

Bitcoin has rocketed to a new all-time high above $116,000, currently trading at $116,734 on Coinbase after a 4.8% daily jump. The rally, which broke weeks of consolidation below $112,000, triggered over $560 million in crypto liquidations in just one hour, with Bitcoin shorts making up $425 million. Total crypto liquidations in the past 24 hours have reached $912 million. Meanwhile, Ether surged 13.5% in two days to touch $3,000 on Thursday. However, despite this strong move, ETH derivatives markets show hesitancy, suggesting traders remain skeptical about its ability to sustain further gains.

Ripple CEO urges Senate to prioritize clear crypto laws, warns US risks losing global edge

Ripple CEO Brad Garlinghouse testified before the U.S. Senate Banking Committee on July 9, emphasizing the urgent need for clear, comprehensive crypto regulations to maintain U.S. leadership in blockchain innovation and protect consumers. He highlighted that regulatory uncertainty has already driven jobs and companies overseas and urged lawmakers to advance bills like the CLARITY Act, which would establish clear market structure rules. Garlinghouse praised recent legislative steps, such as the Senate’s passage of the GENIUS Act supporting stablecoin innovation, and thanked Senators working to create a fair digital asset framework. He also referenced Ripple’s 2023 legal win against the SEC, calling it a landmark moment proving the need for clear rules over enforcement-driven approaches. Garlinghouse’s testimony reflects growing bipartisan support for crypto regulation and underscores the industry’s call for a balanced, innovation-friendly legal environment in the U.S.