The European Union's DAC8 framework for crypto tax reporting is tightening regulations on identifiable players like custodians and exchanges, while decentralized finance (DeFi) remains largely unregulated. The framework emphasizes intermediaries tasked with gathering and reporting user activity data under the OECD's Crypto Asset Reporting Framework (CARF). However, as anti-money laundering frameworks evolve, there is potential for DeFi platforms to be reclassified as virtual asset service providers (VASPs). In the United States, lawmakers are considering amendments to the Digital Commodity Intermediaries Act (DCIA), with DeFi provisions becoming a focal point in the regulatory debate between the CFTC and the SEC. Meanwhile, decentralized physical infrastructure networks (DePIN) have grown into a $10 billion sector, generating $72 million in on-chain revenue last year, despite token price declines. Bitcoin-native DeFi initiatives are also gaining traction, signaling a shift in how Bitcoin is utilized as a treasury asset and on-chain liquidity source.