Trump Kills IRS Crypto Rule, Saving DeFi Innovation | JQJO

Former President Trump signed a joint congressional resolution nullifying a Biden-era rule that would have mandated decentralized finance (DeFi) platforms to report transactions to the IRS. The rule, slated for 2027, aimed to expand existing reporting requirements to include DeFi platforms' gross proceeds from crypto sales. Critics argued it hindered innovation and privacy, while supporters feared it would benefit tax evaders. The resolution passed Congress swiftly and garnered industry praise, with the Blockchain Association celebrating its repeal as a victory for US crypto innovation.

A powerful coalition of federal legislators, executive branch officials, and multinational technology corporations has coalesced around a strategy of "federal preemption," seeking to strip state governments of their authority over generative AI. The coalition argues that the legal frameworks governing these technologies are in a state of flux as generative AI affects every sector of the economy, from healthcare diagnostics to creative industries. The push aims to centralize regulation at the federal level, limiting state‑level oversight of AI development and deployment.