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The recent $1.5 billion ByBit hack has reignited debates about censorship and regulation in decentralized networks. Robert Sasu and Erik Voorhees , industry experts, argue that crypto should remain neutral, permissionless, and censorship-resistant. However, illicit activities and hacks challenge the industry’s core principles. The debate raises concerns about whether validators, DAOs, or developers should intervene in such cases. Robert Sasu emphasizes that the internet was envisioned as a free and decentralized communication layer. While illicit activities exist, government censorship is selective. The same principle applies to decentralized public ledgers, where hacks and illicit transactions are inevitable. However, policing blockchain transactions contradicts the industry’s foundational values. Similarly, Voorhees highlights that crypto was built on neutrality and transparency. Blockchains must operate under protocol rules without moral or legal subjectivity. Allowing validators or developers to censor transactions undermines the entire ecosystem. He questions whether miners or nodes should block illicit transactions and warns that subjective intervention compromises permissionlessness. The fundamental issue revolves around defining illicit transactions. Voorhees argues that different jurisdictions impose varying legal standards. A transaction deemed illegal in one country might be lawful elsewhere. He warns that integrating social and legal interpretations into blockchain protocols creates a permissioned financial system rather than a decentralized one. Moreover, the debate extends to law enforcement’s role. Both experts assert that crime prevention should remain the responsibility of legal authorities rather than blockchain protocols. They argue that allowing governments to demand transaction censorship sets a dangerous precedent. If major jurisdictions request rollbacks, it could undermine decentralization entirely. Despite opposing blockchain censorship, Sasu and Voorhees acknowledge the need for improved security measures. Strengthening protocol security, enforcing better smart contract audits, and educating users can reduce vulnerabilities. However, compromising decentralization is not the solution. Consequently, for the industry, the ByBit hack is a wake-up call . It emphasizes how vital it is to improve security without sacrificing the fundamental ideas of crypto. Maintaining cryptocurrency’s permissionless nature is essential for long-term innovation and adoption, as it was created to provide financial independence. 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.

The White House has officially backed a Congressional Review Act (CRA) resolution seeking to repeal the IRS DeFi Broker Rule according to a tweet by David Sacks on X. Lawmakers argue the rule is overly broad and could harm blockchain innovation. The resolution, introduced by Senator Ted Cruz and Representative Mike Carey, requires a simple majority in both chambers to pass. If successful, it would prevent DeFi developers from being classified as brokers under tax law . Supporters claim the rule could push crypto innovation offshore, stifling the U.S. digital asset industry. The IRS DeFi Broker Rule expands tax reporting requirements to decentralized finance (DeFi) developers and software providers. Critics argue that this classification is impractical since DeFi platforms lack centralized control over user transactions. Many protocols rely on smart contracts that automate processes without direct human intervention. Consequently, requiring DeFi developers to report transactions would be nearly impossible, as they do not manage user funds or identities. Strict laws would push American cryptocurrency companies abroad, Senator Cynthia Lummis cautioned. She underlined that preserving the United States’ competitive advantage in digital finance depends on creating a favorable regulatory environment. The upcoming Senate vote on the CRA resolution has the power to shape the destiny of U.S. crypto regulation. The March 5th vote was expected but may now be delayed due to the State of the Union address. It would be a sign that the regulatory approach is shifting in the direction of being more pro-innovation if passed. Moreover, there was a debate over DeFi regulations during the heightened political focus on cryptocurrency. Former President Donald Trump expressed support for a crypto reserve over the weekend. Additionally, a high-level meeting of regulators and crypto leaders is to be held at the White House. The Commodity Futures Trading Commission (CFTC) is also arranging a forum with crypto executives. 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.

Blockchain network IOTA has recently announced the launch of its MOVEATHON, a nine-week global hackathon inviting developers to create innovative solutions on the platform. With a prize pool exceeding $150,000, the initiative aims to engage builders worldwide in advancing IOTA’s ecosystem. IOTA stated that the purpose behind organizing this MOVEATHON is to bolster collaboration and creativity within the IOTA community significantly. As we know, the network has officially integrated the Move programming language into the network to unlock new possibilities for innovation and utility. To encourage developers to leverage this advanced paradigm, IOTA is launching a series of hackathons designed to introduce Move on the platform and support creative builders in bringing their visions to life. The first edition of the IOTA MOVEATHON begins today, March 3, 2025, with the registration period officially open for teams and individual developers. Participants can now submit their details to the platform, with successful applicants gaining access to the dedicated IOTA MOVEATHON Discord, as per the official blog post . Below are some of the key dates that users need to remember. IOTA will then invite successful teams to the Singapore event in order to present their solution and connect with the team members, partners, supporters, as well as investors. Also, they would be covering travel expenses for winners up to $500 per person. The first IOTA MOVEATHON will distribute a total of $150K to the winners. The first place receives 35,000 USD, second place receives 25,000 USD, and third place receives 15,000 USD in prize rewards. The IOTA MOVEATHON has revealed four specialized tracks aimed at showcasing the potential of IOTA’s Move Virtual Machine (VM). Each track focuses on pioneering advancements in decentralized technology, encouraging participants to explore new frontiers: 1. Payments & Consumer Applications This track challenges developers to revolutionize payments and consumer applications in a decentralized world using IOTA’s Move VM. Participants can build secure, feeless payment systems and user-friendly dApps, enabling seamless blockchain-based solutions for micropayments, global remittances, and more. 2. Real-World Applications in Tokenization and Global Trade Developers in this track will focus on transforming physical assets into digital counterparts through tokenization and digital twins. From supply chain tracking to tokenized real estate, participants will leverage IOTA’s capabilities to bridge the gap between tangible assets and blockchain technology, creating trustless interactions with real-world data. 3. DeF(A)i – Decentralized Finance Enhanced by AI This track invites participants to merge decentralized finance with artificial intelligence. Builders will design smart DeFi solutions, such as AI-powered lending platforms, predictive financial models, and personalized investment tools, to redefine decision-making, risk management, and user experiences in finance. 4. Tooling & Infrastructure Dedicated to the core building blocks of a decentralized ecosystem, this track encourages participants to create tools and infrastructure supporting chain abstraction, digital identity, cross-chain transfers, and seamless interaction between EVM and Move. Developers will contribute to foundational technologies that enhance IOTA’s ecosystem capabilities.

The concept of units of Bitcoin being stored in US strategic reserves is starting to receive greater focus as observers are wondering if it would be worth adding Bitcoin to the asset list that already contains gold and foreign currencies. But does this action significantly expose the U.S. financial system, or is it a decision that has an optimum opportunity cost? Bitcoin as A New Asset Class Decentralization and a supply cap of 21 million coins are some of the qualities that make Bitcoin attractive. Diversifying reserve currencies in the U.S. could help strengthen the economy and help solve the issue of inflation. Unlike traditional fiat currencies, which central banks can generate at their own will, Bitcoin has a fixed supply, making it immune to inflation. Further, Bitcoin value is argued to be associated with gold, and its modifications or COVO of value is long-term reliable. The US can integrate this new technology and reserve currency type while simultaneously securing its wealth from volatile economic conditions by placing Bitcoin in its reserves. The Volatility Risk While Bitcoin offers exciting prospects, its volatility is a main issue. In contrast to gold, which has seen a more consistent value over the decades, the price of Bitcoin keeps changing. Bitcoin’s worth fluctuated between $29,000 and $68,000 in 2021, showing just how volatile it is. The volatility is a huge issue when considering it for U.S. reserves. The national reserves’ main function is to introduce stability to economic declines. Hence, if the price of Bitcoin plummets unexpectedly, the U.S. could lose a lot of money, destabilizing its reserves and undermining confidence in the economy. Liquidity Issues Another issue is the liquidity of Bitcoin. Although Bitcoin is widely traded, it’s still a relatively new asset class compared to traditional reserve currencies. In times of economic downturn, the U.S. would need to quickly convert reserves into cash to support the economy. Bitcoin’s market can experience episodes of illiquidity, where large transactions could cause drastic price movements. This makes uncertain whether or not Bitcoin could readily be liquidated without impacting its value, making it difficult to play the role of a reserve asset of sorts. The United States needs quickly available reserves that can be converted into currency, and Bitcoin liquidity may not be sufficient. Regulatory Challenges The decentralized nature of Bitcoin provides a huge problem for regulation. Since Bitcoin is not governed by any central authority, it is difficult for governments to regulate. To make Bitcoin part of the U.S. reserves, there must be clearly outlined regulations. If it is not regulated, then Bitcoin could expose the U.S. to risks of fraud, security issues, and market manipulation. Regulatory clarity is crucial for using Bitcoin safely. However, without clear and comprehensive rules, including its use in U.S. reserves, it remains a complicated issue. A Risky Move or a Smart Diversification? While Bitcoin has so much potential for diversification, its volatility, liquidity issues, and regulatory concerns make it a risky choice for American reserves. As the future of Bitcoin in the financial sphere evolves, the United States government has to carefully consider the risk factors before deciding. The post The Bitcoin Reserve Question: Opportunity or Risk for U.S. Financial Security? appeared first on Coinfomania.

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