From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

The US Senate has voted in favor of a motion to repeal an IRS rule targeting decentralized finance (DeFi) platforms. The motion now heads to President Donald Trump’s desk for his anticipated signature.

According to the latest reports, the resolution is close to becoming law, potentially by the end of this week.

Lawmakers Move to Overturn IRS DeFi Broker Rule

On March 26, the Senate voted 70-28 to pass H.J. Res. 25, introduced by Senator Ted Cruz and Representative Mike Carey. This vote marks the second time this month that the resolution has passed, following a 70-27 vote on March 4.

A procedural requirement regarding budget measures necessitated the re-vote after the House approved its version in a 292-132 tally.

“This clears the way for innovation in DeFi. This is bullish—less regulation, more growth, as we’ve been saying,” wrote Dan Gambardello on X.

Meanwhile, Eleanor Terrett, host of Crypto in America, revealed, citing a Republican Senate source, that the bill could become law as early as this Friday.

“Resolution to overturn IRS DeFi broker rule could become law by week’s end,” she stated.

Terrett added that if Trump signs the Congressional Review Act (CRA), it would be the first bill related to cryptocurrency to become law. Notably, earlier this month, David Sacks, White House’s AI and crypto czar, had declared support for the resolution. 

“If S.J. Res. 3 were presented to the President, his senior advisors would recommend that he sign it into law,” he posted

If passed, the resolution would mark a significant win for the cryptocurrency industry and a step toward reducing regulatory oversight in the DeFi sector.

The development comes amid a broader push for regulatory clarity. On March 26, the DeFi Education Fund, alongside a coalition of organizations, submitted a letter to leading US Senate and House Committees on Banking, Judiciary, and Financial Services members. 

The letter aims to address the Department of Justice’s (DOJ) misinterpretation of money transmission laws.

“We write to urge you to correct the Department of Justice’s (DOJ) unprecedented and overly expansive interpretation of the criminal code provision proscribing operating an “unlicensed money transmitting business” as applied to software developers,” the letter read.

The coalition argues that the DOJ’s interpretation creates ambiguity. This could criminalize software developers working in the blockchain space.

Specifically, it would impact those using non-custodial technologies who do not control or possess customer funds. This position could threaten the viability of US-based software development in the digital asset industry and beyond.

Furthermore, the letter emphasizes that the DOJ’s stance contradicts existing guidance from the Financial Crimes Enforcement Network (FinCEN) and previous legal interpretations. Thus, it could potentially lead to overreach and unfair treatment of blockchain developers. 

The signatories, including Paradigm, A16z Crypto, Polygon Labs, Coinbase, Kraken, and others, request that Congress urge the DOJ to clarify its position. They aim to ensure alignment with legal precedent and congressional intent and prevent the stifling of innovation in the US tech sector.

Ethereum price remained supported above the $1,980 level. ETH is now rising and might aim for a move above the $2,050 resistance.

• Ethereum corrected lower and tested the $1,980 support level.
• The price is trading below $2,040 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $2,050 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $2,050 and $2,100 resistance levels to start a decent increase.

Ethereum Price Faces Resistance

Ethereum price failed to continue higher above $2,100 and corrected some gains, like Bitcoin. ETH declined below the $2,020 and $2,000 support levels.

It tested the $1,980 zone. A low was formed at $1,982 and the price is again rising. There was a move above the $2,000 level. The price surpassed the 23.6% Fib retracement level of the recent decline from the $2,097 swing high to the $1,982 low.

Ethereum price is now trading below $2,040 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,050 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,040 level and the 50% Fib retracement level of the recent decline from the $2,097 swing high to the $1,982 low. The next key resistance is near the $2,050 level. The first major resistance is near the $2,100 level.

A clear move above the $2,100 resistance might send the price toward the $2,150 resistance. An upside break above the $2,150 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,250 resistance zone or even $2,320 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $2,050 resistance, it could start another decline. Initial support on the downside is near the $2,000 level. The first major support sits near the $1,980 zone.

A clear move below the $1,980 support might push the price toward the $1,920 support and the trend line. Any more losses might send the price toward the $1,880 support level in the near term. The next key support sits at $1,810.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,000

Major Resistance Level – $2,050