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Today in crypto, a new Bitpanda survey revealed less than 20% of European banks offer crypto services despite increasing investor demand and regulatory clarity in the region, the US Senate passed a motion to kill the Internal Revenue Service’s (IRS) DeFi broker rule to President Donald Trump, who is expected to sign it, and Hyperliquid delisted JELLY token perpetual futures citing “evidence of suspicious market activity.”

Most EU banks fail to meet rising crypto investor demand — Survey

European banks and financial institutions may be underestimating the demand for cryptocurrency services, with fewer than one in five offering digital asset products, according to a new survey by crypto investment platform Bitpanda.

The study surveyed 10,000 retail and business investors across 13 European countries and found that more than 40% of business investors already hold cryptocurrencies, with another 18% planning to invest in the near future.

Yet, only 19% of surveyed financial institutions said their clients showed strong demand for crypto products, suggesting a 30% gap between actual investor adoption and perceived interest.

Crypto investments of EU private investors by country. Source: Bitpanda

Moreover, only 19% of surveyed European financial institutions are offering crypto services, while over 80% of institutions acknowledge crypto’s growing importance.

Related: Michael Saylor’s Strategy surpasses 500,000 Bitcoin with latest purchase

Still, some European banks are recognizing the growing demand for digital assets, with 18% of surveyed financial institutions planning to expand their crypto service offering, particularly offerings related to crypto transfers.

Senate sends resolution killing IRS DeFi broker rule to Trump

The US Senate passed a resolution on March 26 to revoke a Biden-era rule that would have required decentralized finance (DeFi) protocols to report to the Internal Revenue Service, which will now head to President Donald Trump, who has supported killing the rule.

The Senate voted 70-28 to pass the motion to repeal the so-called IRS DeFi broker rule that aimed to require DeFi platforms, such as decentralized exchanges, to file their gross proceeds from crypto sales and include information on those involved in the transactions.

The White House’s AI and crypto czar, David Sacks, has previously said Trump supports killing the rule.

Source: DeFi Education Fund

Critics of the rule said it would lump decentralized platforms with too onerous rules, which would hamper crypto innovation, while those who opposed the resolution said it would create a tax evasion loophole.

The Senate was widely expected to pass the resolution as it originally passed a version of it in early March. The House made a copycat due to Constitutional budget rules, which it passed on March 11.

Hyperliquid delists JELLY perps, citing ‘suspicious’ activity

Hyperliquid has delisted perpetual futures tied to the JELLY token after identifying “evidence of suspicious market activity” involving the trading instruments, the blockchain network said. 

The Hyper Foundation, Hyperliquid’s ecosystem nonprofit, will reimburse most affected users for any losses related to the incident, Hyperliquid said in a March 26 post on the X platform.

“All users apart from flagged addresses will be made whole from the Hyper Foundation,” Hyperliquid said. “This will be done automatically in the coming days based on onchain data.” 

Hyerliquid added that the perpetuals exchange’s primary liquidity pool, HLP, has clocked a positive net income of around $700,000 in the past 24 hours. 

The incident began when a trader “opened a massive $6M short position on JellyJelly” and then “deliberately self-liquidated by pumping JellyJelly’s price on-chain,” Abhi, founder of Web3 company AP Collective, said in an X post. 

Had Hyperliquid not closed the position, the perpetuals exchange could have faced “full liquidation if JellyJelly reaches $150M mcap,” Abhi added. 

Source: Hyperliquid

Gracy Chen, CEO of cryptocurrency exchange Bitget, later criticized Hyperliquid’s handling of the incident, saying it put the network at risk of becoming “FTX 2.0.”

The decision to delist the contracts, which was reached by consensus among Hyperliquid’s relatively small number of validators, flagged existing concerns about the popular network’s perceived centralization.

“Despite presenting itself as an innovative decentralized exchange with a bold vision, Hyperliquid operates more like an offshore [centralized exchange],” Chen said, after saying “Hyperliquid may be on track to become FTX 2.0.”

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