Trump Kills IRS Crypto Rule, Saving DeFi Innovation
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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.
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.
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