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According to Politico, the cryptocurrency asset bill led by Senate Banking Committee Chairman Tim Scott is embroiled in controversy over the DeFi developer protection clause, making bipartisan consensus difficult to achieve.The controversial clause aims to exempt non-custodial software developers who do not control user funds from registering as money transmitters or complying with anti-money laundering requirements. Law enforcement agencies such as the National Sheriffs' Association and the National District Attorneys Association have sent letters to Congress warning that this clause would weaken the ability to combat financial crime; Senate Judiciary Committee Chairman Chuck Grassley has also expressed similar concerns.The cryptocurrency industry views this as the core of the bill, with DeFi Education Fund Executive Director Amanda Tuminelli explicitly stating that no modifications to the clause text will be accepted. Democratic Senators Catherine Cortez Masto and Mark Warner are pushing for amendments to the clause. If the two parties fail to reach a consensus, the bill may advance without Democratic support, affecting the bipartisan majority needed for a full Senate vote.

The Blockchain Association submitted a letter to the U.S. Securities and Exchange Commission (SEC) in response to Citadel's previous call for increased regulation of DeFi.The Blockchain Association stated that DeFi protocol developers do not fall under the category of brokers or exchange operators and should not be included in the regulatory framework designed for traditional financial intermediaries. The organization also urged the SEC to advance an "innovation exemption" mechanism to provide regulatory pilot space for on-chain assets and tokenized securities, pointing out that the comprehensive rule-making process is lengthy, which may delay the implementation of technology and lead to innovation outflow. Previously, Citadel had suggested that the SEC strengthen regulation of DeFi through formal legislative processes.

U.S. Congressman Steven Horsford and Max Miller announced the discussion draft of the "Digital Asset PARITY Act," which aims to promote the development of digital assets and enhance compliance by establishing a unified tax framework.The draft proposes a small tax exemption for regulated dollar stablecoin transactions under $200 to reduce the tax burden in everyday payments; it also allows miners and stakers to defer tax on rewards for up to 5 years. Additionally, the draft plans to extend the rules for false sales and presumed sales to digital assets and introduce tax treatments based on market value, while clarifying the tax rules for digital asset lending and charitable donations. The bill is still in the discussion stage and has not yet been formally submitted to Congress.

According to a report by Cointelegraph, a staff paper from the European Central Bank points out that the governance tokens of DeFi protocols are highly centralized, with about half or more of the holdings of governance tokens for Aave, MakerDAO, Ampleforth, and Uniswap related to the protocol itself or exchanges.The main voting participants are mostly delegated representatives, and in many cases, these representatives cannot be identified or associated with the token holders. The study questions whether DeFi DAOs have sufficient decentralization to be excluded from the MiCA regulatory framework and provides a reference for policymakers to include relevant entities in regulation.

According to Cointelegraph, a court in Texas, USA, dismissed a lawsuit filed by crypto developer Michael Lewellen. Lewellen sought a declaratory judgment from the court, stating that his developed software Pharos (used for donating to charitable crowdfunding activities) would not be prosecuted for violating money transmission laws. U.S. Chief District Judge Reed O'Connor dismissed the case on Wednesday, stating that Lewellen failed to demonstrate a credible and imminent threat of prosecution.Lewellen expressed his disappointment on the X platform, saying, "I am disappointed that the court dismissed my lawsuit today." The court's dismissal opinion also referenced a memorandum from the U.S. Department of Justice, which stated that the department would no longer prosecute virtual currency exchanges, mixing services, or offline wallets for actions or inadvertent violations by their end users. Lewellen added, "The non-binding memorandum from the Department of Justice cannot replace true legal certainty."

According to The Block, as the U.S. Securities and Exchange Commission (SEC) prepares to launch a tokenized asset innovation exemption program, the U.S. House Financial Services Committee held a hearing on March 25 titled "The Future of Tokenization and Securities: Modernizing Capital Markets."Republican Congressman Andy Barr stated that the tokenization of securities is an inevitable trend, and the U.S. needs to lead this process while protecting investors. Some Democratic lawmakers expressed concerns that the innovation exemption might weaken core securities regulation.SEC Chairman Paul Atkins stated that the agency will soon seek public input on a range of issues related to future rulemaking, including a proposed innovation exemption that could serve as a regulatory sandbox for on-chain assets. Additionally, according to crypto journalist Eleanor Terrett, Paul Atkins indicated that the long-awaited tokenization innovation exemption could be introduced in the coming weeks.

According to market news, Saudi Arabia announced a 30-day permit exemption for vessels in the Persian Gulf.

According to Bloomberg, the U.S. Securities and Exchange Commission has submitted two proposed rules to the Office of Management and Budget at the White House, concerning the digital asset industry and the disclosure requirements for hedge funds and private equity funds. Among them, the digital asset proposal includes an "innovation exemption" mechanism that allows relevant companies to be exempt from registering as regulated entities such as brokers or exchanges for a certain period.The other rule adjusts Form PF, which is used for disclosing fund performance and risks. In addition, SEC Chairman Paul Atkins had previously postponed the effective date of the new Form PF regulations to October 1 and stated that he would explore ways to reduce the disclosure burden.

According to foreign media reports, the Trump administration has temporarily waived a century-old shipping mandate known as the Jones Act to reduce transportation costs for oil, natural gas, and other commodities within the United States. This is the latest measure he has taken to address the rise in energy prices triggered by the war with Iran. On Wednesday, Trump authorized foreign-flagged vessels to transport a range of goods between U.S. ports for the next 60 days.It is understood that this authorization waives certain transportation requirements, allowing foreign ships to temporarily transport various products. According to White House officials, these products include coal, crude oil, refined oil, natural gas, natural gas liquids, fertilizers, any products primarily made from refined oil, and other energy derivatives.However, some analysts believe that given the scale of the supply chain shocks, this waiver is expected to have only a limited impact.

According to the official website of the SEC, Paul Atkins, the chairman of the U.S. Securities and Exchange Commission, announced new cryptocurrency guidelines at the DC Blockchain Summit, and proposed the concept of a regulatory safe harbor for crypto assets, which includes three exemption pathways:Startup Exemption: A maximum of four years, allowing projects to have a regulatory buffer period before reaching maturity, with a fundraising limit of no more than $5 million within four years, requiring the submission of principal disclosure information.Financing Exemption: Allowing up to $75 million in fundraising within 12 months, requiring the submission of disclosure documents to the SEC that include principal disclosures, financial status, and financial statements.Investment Contract Safe Harbor: When the issuer completes or permanently ceases core management efforts under the investment contract, the relevant crypto assets may be exempt from the definition of securities.Atkins stated that this framework draws on Congress's work in recent years, particularly the CLARITY Act, and proposed rules are expected to be released for public comment in the coming weeks.

The U.S. Commodity Futures Trading Commission (CFTC) Market Participants Division issued a "no-action" letter to the self-custody cryptocurrency wallet software developer Phantom Technologies Inc.The letter addresses the software features that Phantom intends to offer and promote, allowing its users to trade through registered futures commission merchants (FCMs), introducing brokers (IBs), and designated contract markets (DCMs). The CFTC stated that, under certain conditions, the Market Participants Division would not recommend enforcement action against Phantom or its related personnel solely for the aforementioned activities without being registered as an introducing broker or its affiliates.

Hester M. Peirce, a commissioner of the U.S. Securities and Exchange Commission, stated that a research initiative for a "regulatory exemption" for tokenized securities has been launched, allowing limited trading and technical experimentation for certain tokenized securities. This exemption plan will be more cautious than the "comprehensive exemption" proposed by the industry.She believes it is worth exploring whether different types of tokenization models for securities can be tested under the innovation exemption framework and whether issuer consent is needed for third parties to issue tokenized versions of their stocks, in order to promote technological innovation while avoiding regulatory arbitrage and maintaining core investor protection mechanisms.Hester M. Peirce also emphasized that regulators should not overly interfere with private capital allocation. The SEC is currently assessing several key issues, including: whether the existing information disclosure system is sufficient to cover the ownership structure of tokenized securities, the disclosure obligations of brokers and clearing agencies in the issuance of tokenized securities, the compatibility of atomic settlement with the current T+1 settlement rules, and the applicability of regulatory authority in the absence of intermediaries or under new intermediary structures.

The Bitcoin Policy Institute warns that the U.S. Congress has only a few months left to pass a micro-exemption policy for small Bitcoin transactions. The organization has met with 19 congressional offices to promote this change.

Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission, stated at the Investor Advisory Committee (IAC) meeting on Thursday that the SEC is developing innovative exemption provisions for tokenized securities, but the scope will be narrower than previously discussed exemption proposals.The Investor Advisory Committee IAC had previously recommended that the SEC should not adopt a comprehensive exemption approach to avoid undermining investor protections, including core mechanisms such as ownership disclosure, intermediary regulation, and order protection. Instead, it suggested targeted reforms through a rule-by-rule approach, which must undergo a public consultation process.SEC Chairman Paul Atkins stated at the same meeting that the commission expects to soon discuss innovative exemptions in order to seek to establish a timeline for a long-term regulatory framework. Tokenized securities currently must fully comply with U.S. federal securities laws, and the innovative exemption mechanism aims to allow controlled experiments with more advanced trading models while maintaining necessary investor protections.

According to Cointelegraph, Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), delivered a speech at the SEC Investor Advisory Committee on Thursday, calling for regulators to simplify the disclosure requirements for public companies and to promote innovative exemption mechanisms for tokenized securities.Peirce pointed out that public companies spend a significant amount of resources preparing mandatory disclosure documents, but the related content often fails to effectively enhance the quality of information available to investors, and may instead lead to information obfuscation. She believes that regulators should avoid excessive intervention in the market.On the topic of tokenized securities, Peirce stated that SEC staff are continuing to advance research on potential innovative exemption mechanisms to allow for limited experimental exploration of tokenized securities during the assessment period under the current securities law framework. She also noted that blockchain systems are expected to enable faster settlements and reduce reliance on traditional intermediaries in certain scenarios.

Coinbase executives have denied allegations of obstructing a tax-exempt policy for small Bitcoin transactions. Previously, Bitcoin advocates speculated on social media that Coinbase told lawmakers that Bitcoin is not widely used as a medium of exchange, and therefore does not require tax exemption. Coinbase CEO Brian Armstrong called the allegations "completely false" and stated that the company has been lobbying for the tax exemption for small Bitcoin transactions and will continue to do so.Coinbase's Chief Legal Officer and Chief Policy Officer also reiterated that they have "never lobbied against Bitcoin." Currently, U.S. lawmakers are considering providing tax exemptions for stablecoins pegged to the value of the dollar, but Bitcoin has not been included in the tax-exempt scope of the proposed Cryptocurrency Market Structure Bill (the CLARITY Act).

According to the SEC's official website, the Chairman of the U.S. Securities and Exchange Commission (SEC), Paul S. Atkins, delivered a speech at the annual meeting of the Investor Advisory Committee, focusing on three main topics.First, to reduce unnecessary information disclosure burdens, advocating for the principle of "minimum effective dose regulation," emphasizing that rules should be centered on materiality and flexibly adjusted according to company size; at the same time, suggesting an extension of the applicability period of the "IPO on-ramp" in the JOBS Act to encourage more small and medium-sized enterprises to go public.Second, opposing the SEC's indirect intervention in corporate governance through "comply or explain" disclosure requirements, arguing that such "shaming regulation" exceeds the SEC's authority, and governance decisions should be made by shareholders and directors themselves.Third, expressing views on the tokenization of equity securities, believing that tokenization helps improve settlement efficiency, reduce settlement risks, and minimize intermediaries, and revealing that the SEC will consider introducing an innovative exemption mechanism to support limited trading of specific tokenized securities and accumulate experience for developing a long-term regulatory framework.

According to the SEC official website, the Chairman of the U.S. Securities and Exchange Commission (SEC), Paul S. Atkins, delivered a speech at the annual meeting of the Investor Advisory Committee, focusing on three main topics.First, to reduce unnecessary information disclosure burdens, advocating the principle of "minimum effective dose regulation," emphasizing that rules should be centered on materiality and flexibly adjusted according to company size; at the same time, suggesting extending the applicability period of the "IPO On-Ramp" in the JOBS Act to encourage more small and medium-sized enterprises to go public.Second, opposing the SEC's indirect intervention in corporate governance through "comply or explain" disclosure requirements, arguing that such "shaming regulation" exceeds the SEC's authority, and governance decisions should be made by shareholders and directors themselves.Third, expressing views on the tokenization of equity securities, believing that tokenization helps improve settlement efficiency, reduce settlement risks, and minimize intermediaries, and revealing that the SEC will consider introducing an innovative exemption mechanism to support limited trading of specific tokenized securities and accumulate experience for developing a long-term regulatory framework.

According to BitcoinNews, the cryptocurrency exchange Coinbase is accused of potentially lobbying U.S. lawmakers behind the scenes against establishing a small transaction tax exemption for Bitcoin, suggesting that the exemption should be limited to stablecoins.Previously, Bitcoin policy advocate Marty Bent disclosed on social media that Coinbase has told lawmakers "no one uses Bitcoin as a currency" and believes that establishing a small tax exemption for Bitcoin would be a "subsidy destined to fail." The crypto community considers this "very concerning" if true, aligning with recent worries about cryptocurrency legislation (such as the GENIUS Act), namely that some policies may be influenced by special interest groups and regulatory capture rather than genuinely promoting innovation. Over the past three months, there has been a noticeable shift in policy discussions on Capitol Hill, with some proposals leaning towards providing small transaction tax exemptions only for stablecoins, excluding Bitcoin.Additionally, the Bitcoin advocacy organization Bitcoin Policy Institute stated that ongoing communication with lawmakers continues, and limiting the small tax exemption policy to stablecoins would be a strategic mistake for U.S. policy, as the organization has long advocated for exempting small Bitcoin transactions from capital gains tax.

According to market news, the EU is expected to be exempt from the US's general tariff increase to 15%.