USR Depegs; Nevada Blocks Kalshi; Brazil Pauses Crypto Tax

Content: Here is a roundup of today’s crypto developments. Over the past 3 hours, we tracked market and policy moves across Bitcoin, blockchain, DeFi, NFTs, Web3 and digital-asset regulation. Audio: 0:00 News Follow on social channels. Today’s highlights: Resolv Labs’ USR stablecoin lost its $1 peg after an attacker minted 80 million unbacked tokens; Nevada blocked Kalshi from offering certain contracts in the state for 14 days; and Brazil’s new finance minister paused work on crypto tax rules.

Resolv reports no collateral loss as DeFi platforms address USR depeg

Resolv Labs said Sunday it is reassuring users after an exploit impacted the USR stablecoin’s issuance mechanics, pushing the token off its dollar peg and prompting decentralized finance (DeFi) protocols with exposure to move quickly to limit fallout.Earlier Sunday, reports indicated an attacker abused USR’s minting mechanism, creating tens of millions of unbacked tokens and selling them through DeFi pools. The activity broke the stablecoin’s peg and led Resolv to pause protocol functions while it assessed the impact.According to data from CoinGecko, the token fell to $0.14 (86% below its intended $1 price) after the incident before rebounding to $0.42 at the time of writing.In a post on X, the Resolv team said the collateral pool “remains fully intact” and that the issue appears “isolated to USR issuance mechanics.” Containment and impact assessment are ongoing.On-chain data from Arkham, corroborated by Web3 security firm Cyvers, showed the attacker converted most minted USR into Ether (ETH), selling part of the proceeds for about 11,400 ETH (around $24 million). Independent analysts also noted the remaining 36.74 million USR was “still being continuously dumped.”

Nevada judge temporarily blocks Kalshi

A Nevada judge on Friday temporarily barred Kalshi from operating in the state, issuing a temporary restraining order that prohibits the company from offering sports, election and entertainment-related event contracts.Carson City District Court Judge Jason Woodbury sided with the Nevada Gaming Control Board, finding that state authorities are reasonably likely to prevail in litigation over whether the company’s event contracts violate Nevada gambling laws.The order follows a federal appeals court’s denial on Thursday of an emergency request by Kalshi to stay a federal court proceeding in a case filed by the Nevada Gaming Control Board asserting that Kalshi must be licensed by the US state to offer its sports event contracts there.Kalshi argued its contracts fall under the exclusive jurisdiction of the Commodity Futures Trading Commission, but Judge Woodbury rejected that position, stating that “the question of federal preemption in this regard is nuanced and rapidly evolving.”A hearing is scheduled for April 3 to consider a motion for a preliminary injunction against Kalshi.

Brazil’s finance minister puts crypto tax consultation on pause

Brazil’s Finance Minister, Dario Durigan, has paused work on crypto tax policy until after the October 2026 presidential election to avoid raising contentious issues during an election year.Government officials had planned a public crypto tax consultation later this year but will now delay the comment period, according to Reuters, which added that proposals and negotiations on new tax measures may not be implemented until 2027.Brazil ranks number five globally for crypto adoption. Source: ChainalysisPer Chainalysis, Brazil ranks fifth worldwide in crypto adoption, and the South American country has a population of over 213 million people, according to Worldometer.This report aims to provide accurate and timely information and is produced in line with standards for independent, transparent journalism. Readers are encouraged to verify information independently. #Brazil#Ethereum#Hacks#Stablecoin#DeFi#Industry#Kalshi

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