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

Trump kills DeFi broker rule in major crypto win: Finance Redefined, April 4–11In a significant win for decentralized finance (DeFi) protocols, US President Donald Trump overturned the Internal Revenue Service’s DeFi broker rule, which would have expanded existing reporting requirements to include DeFi platforms. Increasing US crypto regulatory clarity will attract more tech giants to the space, requiring existing crypto projects to focus on more collaborative tokenomics to survive, according to Cardano founder Charles Hoskinson. Trump signs resolution killing IRS DeFi broker ruleTrump signed a joint congressional resolution overturning a Biden administration-era rule that would have required DeFi protocols to report transactions to the Internal Revenue Service. Set to take effect in 2027, the IRS DeFi broker rule would have expanded the tax authority’s existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions source: https://cointelegraph.com/news/trump-kills-defi-broker-rule-major-crypto-win-finance-redefined?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound