Web3đWednesday Roundup: US Senateâs Crypto Tax Vote, El Salvadorâs Bitcoin Push, OFAC Sanctions, and Pump.funâs Volume Drop
1. US Senate overturns a hotly debated crypto tax rule
2. El Salvador ramps up Bitcoin buys, but IMF pushes back
3. OFAC sanctions Iran-based darknet marketplace tied to fentanyl sales
4. Pump.funâs volume plunges 63% amid memecoin scam chaos
Read on for more insights! âš
Web3 is buzzing with big moves and bold decisions! From the US Senateâs game-changing vote on crypto tax reporting to El Salvadorâs fast-paced Bitcoin strategy â thereâs no shortage of action. Meanwhile, OFAC cracks down on a darknet marketplace tied to illicit crypto transactions, and Pump.fun faces a steep drop amid memecoin scandals. Letâs dive into todayâs top Web3 stories and see whatâs shaking up the crypto world!
1. US Senate overturns a hotly debated crypto tax rule
The US Senate made a bold move by voting 70-27 to overturn an IRS rule that required brokers to report gross proceeds from digital asset sales â a major win for President Trumpâs administration and crypto industry supporters. This rule, finalized in the final weeks of the Biden administration, expanded the definition of "broker" to include decentralized finance (DeFi) protocols, sparking criticism over its heavy compliance burdens and privacy concerns. With strong bipartisan support, the resolution now awaits a parallel vote in the House before reaching Trumpâs desk for final approval. This could mark a historic shift in US crypto regulation.
Sebastian Sinclair
2. El Salvador ramps up Bitcoin buys, but IMF pushes back
El Salvador faces new conditions from the International Monetary Fund (IMF) to access its full $1.4 billion loan, including phasing out public support for the Chivo Bitcoin wallet by July 2025 and halting government Bitcoin purchases. The IMF also requires full transparency on the countryâs Bitcoin reserves and audited financial statements for public funds tied to cryptocurrency. Despite these restrictions, President Nayib Bukeleâs administration continues to buy Bitcoin, even as the nation struggles with economic challenges like slow GDP growth and rising debt. This move signals a shift in El Salvadorâs Bitcoin strategy amid pressure for greater financial accountability.
Jimmy Aki
3. OFAC sanctions Iran-based darknet marketplace tied to fentanyl sales
The U.S. Treasuryâs Office of Foreign Assets Control (OFAC) has sanctioned Behrouz Parsarad, the Iran-based administrator of the Nemesis darknet marketplace, for facilitating global fentanyl sales. Nemesis, active from 2021 until its servers were seized in March 2024 by U.S., German, and Lithuanian authorities, had over 30,000 users and $30 million in drug transactions. Parsarad controlled Nemesisâ cryptocurrency wallets, handling over $1.6 million in crypto, with ties to other darknet markets. This move highlights the U.S. governmentâs expanding effort to disrupt the global fentanyl trade and tackle illicit on-chain activity beyond traditional regions like China and Latin America.
Chainalysis Team
4. Pump.funâs volume plunges 63% amid memecoin scam chaos
Pump.fun, a Solana-based token launchpad, saw a 63% drop in trading volume in February, falling from $119 billion in January to $44 billion â its lowest since October 2024 â following a wave of memecoin scams that shook investor confidence. The platformâs new token launches also plummeted, and fewer tokens reached the $100,000 market cap needed for Raydium listing. Despite the downturn, Pump.fun generated $74 million in revenue over the past 30 days and plans to introduce a native automated market maker (AMM) to boost liquidity. Meanwhile, Solana DEXs continue to dominate, surpassing Ethereum in monthly trade volume with $109 billion.
Leon Okwatch
The Web3 space never stops evolving! From regulatory shake-ups to market shifts, these developments are shaping the future of crypto. Stay ahead of the curveâkeep exploring, stay informed, and join the conversation.
