As the nation continues its embrace of the asset class, the US Senate is poised to vote this week on repealing the IRS rule threatening crypto and the DeFi sector. Indeed, Senate leaders are expected to erase a crypto broker rule, one of two regulations in place by the Biden administration that could soon be reversed, according to a CoinDesk report.

The Trump Administration announced the impending launch of the country’s very own cryptocurrency reserve plans. Although there has been some debate on the tokens included, it represents yet another major step forward for the country and its renewed pro-crypto approach.

JUST IN: US Senate to vote this week on repealing IRS rule threatening crypto and DeFi.

— Watcher.Guru (@WatcherGuru) March 3, 2025

Also Read: CBDC Debate: Digital Euro Expands While Russia Delays Digital Ruble & U.S. Holds Back

US Senate Expected to Repeal IRS Rule Threatening Crypto & DeFi

There is no doubt that the return of Donald Trump to the White House is bringing with it a complete overhaul of the country’s crypto policy. Since his arrival, the US Securities and Exchange Commission (SEC) has completely changed. Under acting chair Mark Uyeda, it has already established a crypto task force to ensure the industry’s protection.

That took a step forward this weekend as the country announced its own crypto reserve plans. Yet, it is also seeking to undo some of the negative acts left by the previous administration. Specifically, the US Senate is set to vote on a repeal of an IRS rule that threatens crypto and DeFi.

Also Read: Trump’s Crypto Reserve Plan: XRP Jumps 30%, SOL 20%, ADA Over 50%; Industry Experts Respond

According to a report, Senate leaders are set to reverse two regulations from the previous administration. Those will be the IRS DFi rule and a Consumer Financial Protection Bureau (CFPB) digital payment rule. The IRS regulation places increased disclosure demands on decentralized projects. That could be repealed this week.

Additionally, the CFPB regulation takes aim at tech companies that offer either payment applications or digital wallets. US Senator Ted Cruz had previously introduced a CRA resolution to scrap the IRS regulation. Both look to be potentially thrown out by week’s end.

Solana has jumped by 11% in the past 24 hours, with its rally back to $159 coming after US President Donald Trump mentioned SOL as one of the coins likely to gain entry in a potential crypto strategic reserve.

The coin’s move to $159 means that it has recovered by 25% since hitting a five-month low of $127 on Friday, although it remains down by 30% in the last 30 days.

Yet Trump’s explicit inclusion of Solana in his support for a crypto reserve highlights the coin’s long-term potential, with its fundamentals remaining as strong as ever.

With its platform looking forward to key updates this year, and with markets hoping for an end to recent tariff issues, the long-term price prediction for Solana continues to be highly promising.

Trump’s ‘Crypto Strategic Reserve’ Names Solana – Can SOL Reach $10,000?

Trump published two posts on TruthSocial over the weekend, in which he reiterated his support for a federal cryptocurrency reserve.

The difference between this and earlier statements is that he mentioned several tokens by name, including XRP, Solana and Cardano (a follow-up post also mentioned Bitcoin and Ethereum).

Prices surged in response to these posts, with Cardano up by 44% in the past 24 hours at the time of writing.

However, investors should take a step back and realise that Trump didn’t really provide much in the way of new information.

He simply mentioned his earlier executive order, which in January established a working group to evaluate the feasibility of a crypto reserve.

This order doesn’t guarantee that a crypto reserve will see the light of day, and even if Trump has just named Solana and several other coins, it would be premature to assume that the working group will recommend these coins for inclusion.

As such, the market’s response to the President’s posts seems somewhat over-exuberant, although you could argue that Solana still remains in an oversold position.

Its RSI (purple) dropped below 30 on Friday, which was also when its 30-day average (orange) formed a death cross with its 200-day (blue).

As such, we may see some further losses in the near term, but it’s now selling at such a relative discount that you would expect more buyers to plow into it soon enough.

It could reach $175 again by the end of this quarter, before turning to $250 by H2.

New Solana-based Layer Two Network Brings Huge Potential

Because Solana may have to wait a while before enjoying a consistent recovery, some traders may prefer to diversify into newer, more volatile alternatives.

This may include presale tokens, which in the best cases can rally strongly when they list for the first time, particularly if they’ve had a big raise and popular raise.

One example with a strong chance of doing this is Solaxy (SOLX), which has raised an incredible $24.7 million in its ongoing sale.

Solaxy is about to launch Solana’s first layer-two network, which will make accessing and using the Solana ecosystem easier for investors.

It promises to help users avoid failed transactions and congestion, which continue to impact Solana despite recent upgrades.

It will also enable instant bridging between itself and Solana, while compatibility with other chains will be added over time.

As its native token, SOLX will serve exclusively to pay for transaction fees, meaning that it could witness strong demand.

Investors can participate in the token sale through its official website, where SOLX is currently selling at $0.001652.

This price will continue rising until the sale ends, so new investors should act quickly.

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