Dohrnii Labs accuses Blynex of illegally liquidating token assets  

The US Senate has passed a resolution to kill a Biden administration-era rule to require decentralized finance (DeFi) protocols to report to the Internal Revenue Service, which will now head to US President Donald Trump’s desk.On March 26, the Senate voted 70-28 to pass a motion repealing the so-called IRS DeFi broker rule that aimed to expand existing IRS reporting requirements to crypto.The Senate had voted to pass the resolution earlier in March, which also passed the House, but it was sent back to the Senate for a final vote before it could be sent to Trump.The White House’s AI and crypto czar, David Sacks, has said Trump supports killing the rule.This is a developing story, and further information will be added as it becomes available.

US Securities and Exchange Commissioner (SEC) Hester Peirce offered a few suggestions for longer-lasting changes in crypto regulation between administrations with potentially different views.  Speaking at the DC Blockchain Summit on March 26, Peirce, who heads the SEC’s crypto task force, said she expected that the commission could create more “durability” for digital asset regulations through rulemaking at the agency and legislation in Congress. Such rulemaking and laws would be in contrast to guidance issued by the agency, such as a recent statement suggesting that memecoins do not qualify as securities. “I hope people won’t be sitting around thinking about the Howey test,” said Peirce, referring to a method to determine whether an asset is a security. “Your lawyers have to think about these things, I’m not saying that they’ll not be relevant, but it shouldn’t be the kind of thing that is driving what you decide to build. I want there to be enough clarity on the question of what falls in our jurisdiction and then, if it does, how you can move forward.”SEC Commissioner Hester Peirce speaking at the DC Blockchain Summit on March 26. Source: RumblePeirce’s remarks came as the SEC has dropped several investigations or enforcement actions against major crypto firms, including Coinbase, Ripple, Kraken and Immutable. Some see the commission’s change in policy under acting chair Mark Uyeda as an attempt by US President Donald Trump to have the agency drop cases against firms that supported his 2024 campaign.Related: SEC plans 4 more crypto roundtables on trading, custody, tokenization, DeFiSince the 119th session of Congress started in January, lawmakers have suggested that they intend to move forward with a market structure bill clarifying the roles the SEC and Commodity Futures Trading Commission will have over digital assets. On his third day in office, Trump signed an executive order establishing a working group that would explore, among other things, a regulatory framework for stablecoins.Is a new SEC chair on the horizon?Paul Atkins, whom Trump nominated as an SEC commissioner in December, will appear before US lawmakers in the Senate Banking Committee on March 27 and likely answer questions about his views on crypto regulation. Many in the crypto industry have indicated support for the former commissioner, who holds assets in real-world asset tokenization platform Securitize and controls a consulting firm tied to FTX.If his nomination moves through the banking committee, it’s unclear whether the full Senate will vote to confirm Atkins to a term ending in 2031. He is expected to take over as SEC chair from Commissioner Uyeda. Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Wyoming Governor Mark Gordon said the state’s proposed stablecoin might be ready to launch by July, with the Wyoming Stable Token Commission announcing interoperability protocol LayerZero as a partner for the token launch.Speaking at the DC Blockchain Summit on March 26, Gordon praised the speed and efficiency of the Wyoming state government in embracing blockchain technology. Anthony Apollo, the executive director of the Wyoming Stable Token Commission, also confirmed:”The Stable Token Commission has formally engaged LayerZero as our token development and distribution partner, and we have stable tokens — Wyoming stable tokens — on several test networks.”Wyoming, which is represented by pro-crypto Senator Cynthia Lummis, has been planning a state-issued stablecoin for years and has a history of embracing innovation in digital assets.Governor Mark Gordon of Wyoming speaking at the 2025 DC Blockchain Summit. Source: SeiRelated: Yield-bearing stablecoins could kill banking — US Senator GillibrandWyoming Stable Token CommissionWyoming lawmakers introduced the “Wyoming Stable Token Act” in February 2022 to establish a state-issued stablecoin pegged to the value of the US dollar and redeemable for fiat.The bill was signed into law in March 2023, enabling the state treasury to develop a team of professional accountants, auditors, and technical experts to issue and manage the state’s stablecoin supply.Following the passage of the Stable Token Act, the state began staffing its Stable Token Commission with officers and executives to research and develop the state’s stablecoin.The Wyoming Stable Token Act. Source: Wyoming LegislatureIn August 2024, Governor Mark Gordon told an audience at the Wyoming Blockchain Symposium that the state was eyeing a Q1 2025 launch window for the stablecoin, which would be backed by short-term US Treasury Bills and repurchase agreements.At the time, Gordon slammed the “too big to fail” ethos of US economics post-2008 financial crisis and called the Federal Reserve Bank a “drag on innovation.”More recently, Anthony Apollo, the executive director of the Wyoming Stable Token Commission, told Cointelegraph that the state’s public budget should be onchain to ensure transparency, accountability, and efficiency in government spending.Magazine: Bitcoin payments are being undermined by centralized stablecoins