Trump kills DeFi broker rule in major crypto win: Finance Redefined

DeFi Regulation: Trump Signs Resolution Killing IRS DeFi Broker Rule

Conclusion

The signing of the joint congressional resolution by President Trump marks a significant win for decentralized finance (DeFi) protocols, as it overturns the Internal Revenue Service’s (IRS) DeFi broker rule. This rule would have expanded existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions. The resolution’s passage brings clarity to the US crypto regulatory landscape, attracting more tech giants to the space.

FAQs

Q: What is the IRS DeFi broker rule?
A: The IRS DeFi broker rule was a proposed regulation that would have required DeFi protocols to report transactions to the Internal Revenue Service, including information regarding taxpayers involved in the transactions.

Q: Why was the IRS DeFi broker rule overturned?
A: The joint congressional resolution was signed by President Trump, overturning the IRS DeFi broker rule, which was seen as a significant burden on DeFi protocols and a threat to the privacy of everyday Americans.

Q: How will this impact the DeFi space?
A: The passage of the resolution brings clarity to the US crypto regulatory landscape, attracting more tech giants to the space. It also requires existing crypto projects to focus on more collaborative tokenomics to survive.

Q: What is the current state of the DeFi market?
A: According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.

Q: What are the implications of the IRS DeFi broker rule on DeFi protocols?
A: The rule would have expanded existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.

Q: What is the significance of the signing of the joint congressional resolution by President Trump?
A: The signing of the joint congressional resolution marks a significant win for decentralized finance (DeFi) protocols, as it overturns the Internal Revenue Service’s (IRS) DeFi broker rule, bringing clarity to the US crypto regulatory landscape.

Q: What is the current state of the DeFi regulatory landscape?
A: The passage of the resolution brings clarity to the US crypto regulatory landscape, attracting more tech giants to the space. It also requires existing crypto projects to focus on more collaborative tokenomics to survive.

DeFi Market Overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red. The EOS token fell over 23%, marking the week’s biggest decline in the top 100, followed by the Near Protocol token, down over 19% on the weekly chart.

Trump Signs Resolution Killing IRS DeFi Broker Rule

President Trump signed a joint congressional resolution overturning the Internal Revenue Service’s DeFi broker rule, which would have expanded existing reporting requirements to include DeFi platforms. The resolution was passed in a bid to increase US crypto regulatory clarity, attracting more tech giants to the space.