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San Francisco-based Ripple continues to expand its presence in the Asia–Pacific (APAC) region with a new partnership in South Korea. The new partnership aims to capitalize on South Korea’s thriving crypto regulatory landscape, including the blockchain regulation-free zone in Busan. BDACS And Ripple Team Up For Crypto Custody The enterprise blockchain company has signed a strategic partnership with BDACS, a South Korean institutional crypto storage firm, to support institutional custody for XRP and Ripple’s US dollar-backed RLUSD stablecoin. As part of the partnership, BDACS will integrate Ripple Custody, the firm’s storage service, to secure XRP, RLUSD, and other digital assets for financial institutions in South Korea. Ripple president Monica Long emphasized the significance of institutional-grade custody amid increasing enterprise interest in crypto. “South Korea is gearing up for a wave of institutional crypto adoption — very excited for Ripple Custody to plant another flag in APAC with BDACS for XRP and RLUSD,” Long opined in a statement. Commenting on the development, BDACS CEO Harry Ryoo said his company is committed to providing secure infrastructure for institutional crypto adoption. “BDACS will provide a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem,” Ryoo said. Ripple Navigating South Korea’s Crypto Regulatory Landscape Notably, Korean authorities are currently attempting to make clearer regulations for corporate participation in crypto assets and stablecoins. According to Ripple, the new partnership aligns with South Korea’s Financial Services Commission’s (FSC) roadmap for regulatory approval. The firm explained: “This partnership will support the growth of XRPL developers and its ecosystem, expand the usability of Ripple’s stablecoin (RLUSD), and leverage synergies with Busan, Korea’s blockchain regulation-free zone.” This move is part of Ripple’s effort to expand its offerings beyond payments into other crypto-related sectors. As ZyCrypto reported previously, the total amount of custodied cryptocurrencies is forecasted to reach $16 trillion by 2030. This rosy prediction is fueled by the expectation that 10% of the world’s GDP would be tokenized by then. As you may recall, Ripple acquired crypto custody provider Metaco for a total of $250,000 back in May 2023. Last October, the blockchain startup launched new services aimed at helping banks store digital assets on behalf of clients — as a broader push into custody. The XRP cryptocurrency could be finally ready to rocket as Ripple makes further inroads into the mainstream arena amid speculation that the long-drawn-out lawsuit with the U.S. Securities and Exchange Commission is about to end. At press time, the coin is trading hands for around $2.14, a 1.4% drop on the day. Once bullish momentum returns, it won’t be long until XRP crosses the elusive $3 threshold and eventually reaches $10.

Bitcoin (BTC) has fallen below the $80,000 mark for the first time in almost four months, and market analysts believe the crypto asset could witness more bloodshed over the weekend. Such were the words of Arthur Hayes, the co-founder and former CEO of the crypto exchange and derivative trading platform BitMEX, in an X post. Hayes believes BTC could experience more significant declines below $80,000 before Monday. Incoming Violent Wave For BTC According to Hayes, BTC is recording more declines in this current wave. The crypto entrepreneur revealed that he was tempted to add more risk to his holdings on Friday morning; however, upon further analysis of bitcoin’s price action, he figured that the cryptocurrency could see one more violent wave below $80,000. Hayes said that after the violent wave, which would most likely occur over the weekend, there would be “crickets for a while,” meaning that BTC would consolidate and trade range-bound for some time. “Hold onto your butts,” Hayes said, urging market participants to hang on as the ride is about to get rougher. In the last 24 hours, BTC has fallen by roughly 10%. Data from CoinMarketCap shows that the asset has a 24-hour high of $87,000 and a low of $78,344. The digital currency was trading at $79,800 at the time of writing, with frequent price changes within seconds. Going by Hayes’ prediction, BTC could plummet to $70,000 or even further within the next 72 hours. Over $932M in Liquidations With BTC at $78K Bitcoin’s current condition aligns with a prediction Hayes made a month ago. CryptoPotato reported that the BitMEX co-founder forecasted a turbulent path that would see the asset tumble to between $70,000 and $75,000. He said a mini-financial crisis would trigger the turbulence. At the time, BTC was trading at around $98,000. However, Hayes has maintained a bullish stance on Bitcoin’s long-term outlook, stating that the Federal Reserve’s resumption of money printing would push the cryptocurrency to $250,000 by the end of the year. Meanwhile, bitcoin’s price actions have wiped out almost all gains since the U.S. presidential elections. CoinGlass data shows that more than 227,000 traders have been liquidated in the last 24 hours, with the total liquidations surging above $932 million. The post Arthur Hayes Predicts More Declines For BTC: ‘Hold Onto Your Butts’ appeared first on CryptoPotato.

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

The U.S. Securities and Exchange Commission (SEC) steps up its interest in digital assets by announcing several roundtables and a new enforcement wing. The agency’s Crypto Task Force will hold five roundtables, starting March 21 at its Washington, D.C., offices. The sessions, called “Spring Sprint Towards Crypto Clarity,” will examine major regulatory topics, with the first meeting looking at security status. These moves show a shift in the SEC’s stance while the new administration pushes for broader fintech updates. Beyond the roundtables, the SEC announced the formation of the Cyber and Emerging Technologies Unit (CETU) , which replaces the Crypto Assets and Cyber Unit. This new team intends to fight fraud linked to emerging technologies, including artificial intelligence, machine learning, and blockchain. It will also address cybersecurity threats, such as hack attempts to steal private details or fake disclosures by publicly listed companies. Led by Laura D’Allaird, CETU has 30 anti-fraud experts and attorneys from different SEC branches. The agency’s acting chairman, Mark Uyeda, said the unit will enforce compliance more effectively. He added that its top priority is to shield investors while still promoting technological progress. Uyeda also noted that the SEC’s crypto task force, launched in January, will help outline a clear rulebook for digital assets. Related: SEC Drops Gemini Crypto Investigation: Wins, Losses & Industry Impact These SEC developments match larger changes in the financial sector under the new administration. President Donald Trump has made regulatory clarity for digital financial tech a priority. Shortly after returning to the White House, he signed an executive order to set firm digital asset rules . He also pulled back a 2022 executive order and a Treasury Department policy from the prior government, which officials claim stifled innovation. Trump’s team formed a presidential working group on digital asset markets, led by David Sacks, a former PayPal leader, who will manage crypto and AI policies. Trump’s election pledges to make the U.S. a global crypto leader now appear to be taking shape through these measures. As fintech regulations move forward, the Consumer Financial Protection Bureau (CFPB) faces uncertainty. Its website is offline, and former chief Rohit Chopra was dismissed weeks ago. But Trump’s nominee, Jonathan McKernan, promised to honor consumer finance laws, suggesting the CFPB may not vanish entirely. Related: SEC Pauses, Drops, and Closes: A Month of Regulatory Reversals International watchdogs are keeping an eye on these U.S. actions. European Systemic Risk Board (ESRB) Vice-Chair Olli Rehn voiced concerns about the administration’s push toward looser rules. He cautioned that rolling back financial regulations, including those affecting crypto, could harm Europe’s economy. The ESRB is now evaluating possible steps to keep global financial markets on solid footing. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

The Trump administration will conduct its first-ever Crypto Summit on March 7, according to Eleanor Terrett . The event will feature leading industry participants, investors, and top government stakeholders, including Presidential Working Group on Digital Assets members. David Sacks and Bo Hines will be hosting crucial conversations. This follows after a major executive order signed by Trump in the wake of undoing a previous directive by the previous President Joe Biden. The new directive aims to position America as a global leader in the crypto industry while disallowing the creation of a central bank digital currency (CBDC). The administration’s directive has sparked widespread discussion within the financial and crypto sectors. Trump’s executive order establishes a national crypto stockpile and a stablecoin regulatory framework. Moreover, the White House has condemned the prior administration’s regulatory approach, stating that it undermined business growth. The Securities and Exchange Commission (SEC) wrote tough enforcement policies to crypto firms , which pushed many of them overseas. The new administration is hoping to turn this around with a regulatory system that encourages digital asset innovation without sacrificing fundamental safeguards. Besides policy shifts, the SEC has recently dropped lawsuits against crypto exchange Gemini . Additionally, it has delayed decisions in the Binance case for 60 days. This move signals a potential shift in regulatory strategy. Furthermore, the SEC and the Commodity Futures Trading Commission ( CFTC ) are now collaborating on a joint crypto task force. David Sacks, the Crypto Czar, confirmed that his team is actively considering a Bitcoin Reserve . This administration-prioritized project could bring the necessary push for institutional acceptance of crypto. Hence, the industry expects revelations during the summit with respect to forthcoming regulatory frameworks and enforcement strategies. Within the Crypto Summit, stablecoin regulation and the implications of decentralized finance ( DeFi ) for the economy will be addressed. The conversations will focus on integrating digital assets into the financial system with investor protection safeguards. 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.