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A controversial tax rule proposed by the U.S. Internal Revenue Service, requiring decentralized finance brokers to report crypto transactions, could be overturned as lawmakers have pushed to repeal it. On Feb. 26, U.S. House Representatives advanced a resolution to scrap the rule, with the House Ways and Means Committee voting 26-16 in favor of the repeal. The resolution now moves to the full House for a vote. If it passes, the Senate will then decide its fate. A successful Senate vote would send the measure to President Donald Trump, who can either sign it into law or veto it. However, if it is not overturned, the rule will take effect on January 1, 2027. The “DeFi broker rule,” proposed by the IRS in August 2023 and officially finalized in January 2024, would require certain DeFi operators—including front-end service providers for decentralized exchanges—to collect and report user transaction data, including gross proceeds from crypto sales. According to the IRS, it would “level the taxpayer playing field” by applying the same standards as traditional finance institutions. However, industry leaders see it differently. Critics like Ways and Means Committee Chairman Jason Smith argue the rule is unworkable for DeFi, where platforms often operate without centralized control and do not collect user data by design. Commenting on the development, Miller Whitehouse-Levine, CEO of the DeFi Education Fund, welcomed the decision to repeal the rule, arguing that the rule represents an “unlawful and unconstitutional overreach” that undermines the financial privacy of Americans and stifles innovation in decentralized finance. DeFi advocates have previously raised concerns about privacy implications. Some fear platforms like Uniswap could be required to collect user identities, contradicting the fundamental ethos of decentralized finance. Others, like Consensys attorney Bill Hughes, see it as a last-minute attempt by the previous administration to clamp down on crypto before leaving office. A day after the IRS finalized the rule on December 27, Kristin Smith, CEO of the Blockchain Association, called it “unconstitutional” and warned that it could push crypto innovation offshore. Texas Blockchain Council President Lee Bratcher echoed this concern, saying compliance is “practically impossible” for many in the decentralized space. The Blockchain Association, DeFi Education Fund, and Texas Blockchain Council have already sued the IRS , claiming the rule would force DeFi developers to comply with regulations they simply can’t implement. Despite the controversy, the IRS remains firm. In a joint statement with the Treasury, the agency dismissed arguments that DeFi should be exempt, saying, “Persons with technology expertise that operate trades or businesses relating to financial services should comply with the same rules as any other person operating financial services businesses.”

Chainlink is trading in a possible reversal point after a lengthy downtrend. The TD Sequential on a daily time scale displayed a red “9” signal, which is a signal of possible exhaustion of selling. The traders are closely monitoring major support and resistance levels in anticipation of direction. Crypto analyst Ali_charts indicated TD Sequential flashed a buy signal on a daily time scale. The signal is typically the end of a downtrend, which can result in a bounce in price. The current pattern of a small-bodied doji is a signal of uncertainty in the market. LINK recently broke down below $15.00, but bounced back quickly, which is a sign of buying support on lower levels. #Chainlink $LINK appears ready for a rebound as the TD Sequential indicator flashes a buy signal on the daily chart! pic.twitter.com/SabLzw9QGA The current price is now testing a support of between $14.00 and $14.50. If this support is upheld, its subsequent resistance is in levels of $16.00 – $16.40. A breakout above this band can send LINK towards upper levels, while a breakdown can lead to downward movements. LINK broke down below a declining trendline, confirming a bearish trend. The price is now testing the 800 Exponential Moving Average of around $14.34. This is a classically firm support point. If LINK is maintained above this EMA, it can potentially trend towards the $17.50 resistance. Resistance is due at $16.40, a point of historical breakdown. If LINK trades below $14.34, further downward movement towards $12.00 – $13.00 is possible. The market players are monitoring these levels for trading opportunities. Stochastic RSI is currently in an oversold situation between 5.45 (blue) and 13.42 (orange). The occurrence of an upward crossover above 20 can be an indication of mounting buying pressure. The market value of ChainLink (LINK), as of writing, stood at $15.49 , a 5.55% increase in the last 24 hours but a 14.16% drop in seven days. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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TRUMP’s price hovers at $15.956, with volatility inside a fixed trading range. According to analyst ali_charts , the $15.80 support level is crucial in keeping up bullish momentum. The price can bounce back to $16.60 or even $17.30. But if it cannot hold this level, it can continue dropping. TRUMP recently tested the $17.20 level before facing strong resistance, leading to a retracement. The price dropped to $15.80, where it found temporary support. A brief recovery followed, reaching $16.40, but another rejection forced the price downward again. Now, TRUMP is struggling to retake $16.60. Moreover, volatility remains high, with price swings between support and resistance levels. If $15.80 cannot hold, further downward pressure can push the price down. The $16.60 presents a challenge to bullish energy. Several failed attempts at clearing above the region have resulted in successive retracements. A good break above $16.60 has the potential to send it to $17.30, opening up new bullish opportunities. On the downside, $15.80 remains the primary support. A break below this level could lead to increased selling pressure . In such a case, the next critical support level might be lower, intensifying bearish sentiment. The market is consolidating, with TRUMP trading near the lower part of its recent range. Even though the short-term trend is weakly bearish , holding $15.80 could cause a rally. If buyers regain control again, the price can retest $16.60 in the near term. A sustained move over $16.60 could be indicative of fresh bullish pressure, while a break below $15.80 could lead to further declines. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.