New Bill Passed by Trump Overturns IRS Regulation on Crypto Intermediaries' Reporting Requirements: Report
Daily Hodl: Breaking Down Crypto Regulations Under Trump's Reign and Beyond
Welcome to Daily Hodl - your go-to source for all things crypto, finance, and fintech! Today, let's delve into the world of digital assets, decentralized finance (DeFi), and the regulatory landscape under President Donald Trump.
Trump's Impact on DeFi and Crypto Regulations
In an exclusive scoop, we bring you the latest on the crypto realm: President Donald Trump has reportedly signed a bill undoing the expansion of IRS's definition of a broker to include decentralized exchanges (DEXs).
Though the original Reuters report dates back to April 2025, it remains unclear if the bill has been signed, as no confirmed records are available at the moment. Nonetheless, let's explore the implications of such a move and the broader outlook on DeFi and crypto regulations.
The Bidens vs. Trumps: A Regulatory Tug-of-War
During the final weeks of President Biden's tenure, the IRS expanded its crypto reporting rules, including the DeFi exchanges. However, this sparked a series of responses from Republican-controlled Houses of Congress, with votes to reverse the new federal rule.
Trump's potential signing of the bill could mark a significant shift in the regulatory landscape, further illustrating the administration's pro-crypto stance.
Building a Golden Age: Hopes and Promises
Bo Hines, Executive Director of the President's Council of Advisors on Digital Assets, has emphasized the administration's vision to create a "golden age" for cryptocurrencies. Hines believes that a clear set of rules for both small and large players will foster growth in the US crypto space.
Hopeful of welcoming more players into the crypto market, Hines has expressed confidence in the government's commitment to creating a highly pro-crypto-friendly regulatory environment.
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- The signing of the bill by President Donald Trump, if it occurs, could signal a shift towards a more crypto-friendly regulatory environment, aligning with Bo Hines' vision of creating a "golden age" for cryptocurrencies.
- The potential regulatory change, if implemented, could have positive implications for decentralized finance (DeFi) and even altcoins, as it would undo the IRS's expansion of its definition of a broker to include decentralized exchanges (DEXs).
- The cryptocurrency space remains under scrutiny, with ongoing discussions and votes regarding regulatory changes, such as those initiated by the Republican-controlled Houses of Congress seeking to reverse expanded reporting rules during President Biden's tenure.
- In the broader picture of politics and policy-and-legislation, the regulatory landscape for cryptocurrencies continues to be shaped by key figures like Bo Hines, Executive Director of the President's Council of Advisors on Digital Assets, who advocates for clear rules to foster growth in the US crypto space.
