Trump Reverses Biden's Crypto Tax Rule | JQJO

President Trump signed his first crypto-related bill into law, repealing a Biden-era IRS rule requiring decentralized finance (DeFi) platforms to report taxpayer information. The rule, deemed overly burdensome and privacy-invasive by industry leaders and lawmakers, was considered a hindrance to American innovation. The bipartisan support for its repeal highlights a rebuke of Biden's policies. Crypto leaders celebrate this as a major milestone for the industry's future in the U.S.

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.