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Trump to Host Crypto Summit to Hash Out Crypto Regulations Come 7 March, President Donald Trump will play host to the first-ever White House Crypto Summit, connecting industry leaders, investors, and members of the President’s Working Group on Digital Assets. The event will be led by White House AI & Crypto Czar David Sacks and Bo Hines, the executive director of the working group, with Trump delivering remarks at the inaugural gathering. Sacks, a South African-American venture capitalist, was appointed to the newly created AI & Crypto Czar position in December, signalling the administration’s commitment to the sector. Since taking office, he has prioritised key initiatives, including evaluating a US Bitcoin strategic reserve, developing a stablecoin regulatory framework, and pushing for updated SEC guidelines that favour crypto innovation. President Trump will host the first White House Crypto Summit on Friday March 7. Attendees will include prominent founders, CEOs, and investors from the crypto industry. Look forward to seeing everyone there! pic.twitter.com/PEynzDuAOt — David Sacks (@davidsacks47) March 1, 2025 The release said: "Attendees will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the President's Working Group on Digital Assets." The White House has not disclosed the full list of summit attendees but emphasized in a press release that the administration is focused on establishing clear regulations while fostering innovation and economic freedom. The summit follows Sacks’ recent public remarks alongside congressional leaders, marking his first major address as Trump's crypto policy chief. He noted at press conference: "We want to keep that innovation onshore in the US. Financial assets are destined to become digital, just like every analog industry has become digital, and we want that value creation to happen in the United States, rather than giving it away to other countries." Current Administration Takes Jab at Former Administration The administration also condemned its predecessor for what it described as the unjust targeting and prosecution of the digital asset industry. The press release stated: "After the previous administration unfairly prosecuted the digital asset space, President Trump's policy vision represents a new era for digital financial technology. The administration is committed to providing a clear regulatory framework, enabling innovation and protecting economic liberty." Crypto Summit News Leaves Bitcoin Maxis Unimpressed Reactions to the summit were mixed within the crypto community, with some still recalling the high-profile ‘Crypto Ball’ in Washington, D.C., held before the inauguration. That event coincided with the launch of Trump’s meme coin, which briefly surged to a $14.5 billion market cap before plummeting by two-thirds, leaving many small traders at a loss. Longtime Bitcoin holder and Austrian economist Carl Menger voiced his frustration. Fuck them Crypto. Disgusting Shitcoin show. — Carl ₿ MENGER ⚡️🇸🇻 (@CarlBMenger) March 1, 2025 Meanwhile, the Bitcoin Therapist championed Bitcoin as the preferred alternative. Just say Bitcoin, it’s honest and more transparent. 99% of crypto are online gambling tokens with no purpose or utility. — The ₿itcoin Therapist (@TheBTCTherapist) March 1, 2025 Others, however, simply urged the president to avoid launching another meme coin. Ultimate Goal to Propel America to be the Global Leader in Crypto In a late Friday statement, the White House reaffirmed Trump’s commitment to becoming “America’s first crypto president” by establishing a clear regulatory framework that fosters innovation while protecting economic liberty. The administration criticised its predecessor for what it called unfair prosecutions of the digital asset industry and pledged to end regulatory uncertainty. The announcement follows Trump’s executive order creating an internal working group, chaired by Sacks, to position the US as a global leader in crypto. The group will focus on regulating a national crypto stockpile and developing a stablecoin framework. The order also repeals a directive from former President Joe Biden that sought to establish its own crypto regulations and explicitly bans the creation of a US central bank digital currency (CBDC). Will this summit finally bring long-awaited regulatory clarity, or will key questions remain unanswered?

Dear Bitget Insights Users, We have noticed that some users have been frequently posting duplicate content in the community. Such behavior not only disrupts the community's communication experience but also seriously violates the community rules. To prevent violations from impacting the community's safety and environment, we will implement the following measures: 1. Bans for Severe Violations Accounts with serious violations will be banned from participating in community activities, including posting, liking, commenting, and sharing. 2. Warnings for Minor Violations Users with less severe violations will receive warnings. Continued violations may result in account bans in the future. If you have any questions about these measures or wish to communicate further, please feel free to contact us via private message on the official Bitget Insights X account (https://x.com/BitgetInsights). We will actively respond and assist in resolving your concerns. Thank you again for your understanding and support! Bitget Insights Team Below is the public list of users who violated rules in this issue 👇🏻 Banned Nicknames: BGU****AL ham****is Jac****ez BGU****1B Mik****ce Ele****ia jac****ry MR-****on Jam****to Sho****oo tra****ng Ros****er Har****ia BGU****4U BGU****WV Nad****ot Haf****at Cro****st sum****di BGU****1G cry****ng Leo****ry BGU****V7 kin****01 Rob****th Ify****pt Cry****10 BGU****1L Joe****gh BGU****as BGU****XG Mir****an I_****an DON****EX BGU****L8 Cry****nt BGU****R1 BGU****XP Gle****11 老****盘 BGU****L6 BGU****AF Ka****en BGU****SJ BGU****F3 cry****st Dav****on BGU****6B BGU****KW Cry****es BGU****L0 Ish****fa Kha****eb BGU****JC BGU****3Z جیک****ک۔ BIT****OW Cry****ha can****ce Cry****h2 🤖N****m☠ BGU****G7 jas****oy Mr_****er BGU****KL BGU****XK wal****42 RL_****ns DL****rt 🌸a****🌸 sa****an Zai****ts kin****64 Ann****ne Any****er cry****st Ali****el BGU****HB BGU****KY BGU****BB FAU****YU Sha****st Uma****02 San****23 ba****💫 Ro****eo Jac****de BGU****R1 Cry****ia Nim****💞 Jim****my Bit****ng Mee****ii Jam****op Cry****ia Ceo****er Dav****as Mr_****ca kin****te Ka****or zai****ah E_M****ER Mee****02 Aro****oi Ars****63 BGU****MV Mar****us GEN****QP muh****�⚡ Mh****en kil****as BGU****KM 扎*布 BGU****10 BGU****D0 Nob****❤️ Li****_$ BGU****VG マテ****ーン BGU****QE Tw****ch BGU****0R

Elon Musk made an interesting observation about the crypto world, notably meme coins, during his interview with Joe Rogan. He compared the meme coin phenomenon to a casino, characterizing it as a game of chance whereby investors often only expect to be “smarter than others.” Particularly considering the growing popularity of meme-based coins, his remarks have generated discussion among the crypto community. Although Musk did not specifically attack meme coins, he underlined that many of those engaged in this kind of investing are just applying the Greater Fool Theory. This concept describes a circumstance whereby someone purchases an asset in the expectation of selling it to a less informed or more impatient person. For Musk , this scenario resembles a game of musical chairs: those without a chair lose when the music stops. Originally developed as a joke, Dogecoin is among the most often used instances of this trend. But thanks to public backing and celebrity attention from people like Musk, Dogecoin has become among the most known cryptocurrencies. Not all meme coins, sadly, have had the same end. Many have gone and left investors with significant losses. In the conversation, Joe Rogan also discussed how many people can lose a lot of money simply drawn in by the possibility for fast gains. He underlined the great volatility in the meme coin market, usually resulting from pure speculation. The Hawk meme coin, which dropped from $ 490 million to just $17 million in a matter of time, is one actual illustration. Though it is not an unusual occurrence, this phenomenon has been recurrent in the crypto space. On the other hand, the crypto community is still enthusiastic about meme coins’ part in the general acceptance of digital assets. Some contend that meme coins might be a portal for new crypto-interested but not conversant with its nuances for new investors. Still, this investment stays high-risk without thorough knowledge. Previously, CNF reported that Elon Musk responded to the DOGE Dividend proposal, a proposal that aims to provide financial relief to Americans in the form of Dogecoin. The proposal proposes returning 20% of the $2 trillion DOGE savings target to approximately 79 million taxpayers. If approved, each household could receive a $5,000 tax cut. Musk has declared he will discuss the proposal with President Donald Trump . Though currently only a concept, the notion has attracted a lot of interest from the crypto community as well as from people who perceive Dogecoin’s actual capacity as a legitimate form of payment. Should it be carried out, it might represent a significant turning point for Dogecoin, transcending a meme and approaching the sector of traditional finance. At the end, Musk’s remarks on meme coins as contemporary casinos show how many investors still see the digital asset as a pure speculative enterprise. For those who are aware of the risks, meme coins can be a kind of fun. On the other side, many people wind up losing money without appropriate schooling.

Tesla CEO Elon Musk compared the memecoin sector to a casino during a episode of "The Joe Rogan Experience." He said: "It's like a casino or something. And then people just do the greater fool theory, and like musical chairs, and whoever is the last to sit down loses.”

A US House Committee under the Trump administration scored a first after voting to roll back the implementation of a controversial IRS DeFi tax rule passed during President Joe Biden’s administration’s final day. According to a report on Reuters, the US House Ways and Means Committee voted 26-16 on Wednesday in support of a motion that was moved by Rep. Mike Carey, R-Ohio, to reverse the IRS rule that was finalized late last year, who opined that the rule would “overwhelm” the IRS with forms. Force DeFi Platforms to Have Keep Records Following the vote that proposed overturning the controversial IRS DeFi tax rule that required “custodial brokers” to collect and forward all user data to the Internal Revenue Service, its fate now remains in the hands of the full House of Representatives. Speaking during the hearing, Rep. Carey stated: “We must pass this resolution to avoid this nightmare for American taxpayers and the IRS while ensuring that the United States is, in fact, in a position to lead the world in innovation with digital assets and the crypto sector.” The proposed IRS DeFi tax rule sought to extend traditional broker reporting requirements to decentralized finance platforms. The rule would require the operators to track and report user transactions to the taxman. Unsatisfied with the proposal, the Blockchain Association moved to court to challenge the rule, stating that it would burden software developers who created decentralized trading services unnecessarily. IRS DeFi Tax Rule Repeal Protects the Future of Industry A Change of Heart in the US Administration Last December, the Internal Revenue Service approved a system associated with the IRS DeFi tax rule that would have forced DeFi platforms to record “the name and address of each customer.” However, it’s an open secret that, in most instances, no centralized service providers interface directly with users — making it what some have called an “unsquarable circle.” All the prominent names within the crypto circles signed onto a Blockchain Association letter last week calling for eliminating this rule. Rep Mike Carey further stated: “We must pass this resolution to avoid this nightmare for American taxpayers and the IRS.” According to the association’s argument, enforcing the new IRS DeFi tax rule would restrict entrepreneurship and stifle innovation within the cryptocurrency sector. The move by the House Committee to challenge the regulation highlights the change of heart within the US administration towards the crypto space, with many already predicting the ultimate overturning of the rule. Rule Good for DeFi Sector A Win for the DeFi Sector If the full House of Congress upholds the proposal, the decision would mark a significant win for the DeFi sector as it would withhold its decentralized model. Commenting on the development, DeFi Education fund CEO Miller Whitehouse-Levine said in a statement: “The DeFi Education Fund applauds the House Ways and Means Committee members who voted for moving the CRA to the House floor, recognizing the need to push back against unlawful and unconstitutional overreach by the Treasury and IRS and to protect Americans’ freedom of choice in how they transact […] Members of the full House and Senate will now get to vote on the CRA.” Conclusion The decision by the House committee to propose repealing the IRS DeFi tax rule can be seen as a positive sign for the growth of the cryptocurrency sector within the United States. However, the final decision depends on the resolution of Congress and the President’s signature. Considering the pro-crypto stance of President Donald Trump and a majority of the members of Congress, there’s an increasing likelihood that the rule will be fully repealed. Frequently Asked Questions (FAQs) What was the controversial DeFi tax regulation? The Regulations require DeFi service providers to interface with users, collect certain information from users, and report digital asset transactions to the IRS. What are the new IRS rules for crypto? Taxpayers have always been obligated to include gains from sales or exchanges of digital assets in their income. However, the new rules require brokers—not digital asset holders—to do the reporting. Does the IRS track DeFi? In the new regulations, the IRS further specified that DeFi participants would be treated as brokers and required to report to the IRS and provide copies to their customers. How is DeFi regulated in the US? The Commodity Futures Trading Commission (CFTC) and the SEC are the central regulatory bodies overseeing DeFi activities. Appendix: Glossary to Key Terms DeFi: A system that allows users to perform financial transactions without the need for intermediaries like banks. IRS: A US government agency responsible for collecting federal taxes and enforcing tax laws. Custodial broker: An organization that manages and safeguards your cryptocurrency assets. The CFTC: An independent US government agency that regulates derivatives markets, including futures and options on commodities like virtual currencies. References Reuters