On April 10, US President Donald Trump has approved a resolution that cancels a rule created during Joe Biden’s presidency.
The rule would have required decentralized finance (DeFi) platforms to report user transactions to the Internal Revenue Service (IRS).
The original policy, planned for 2027, aimed to expand the IRS’s authority. It would have forced DeFi protocols to share information about crypto sales and the people involved. This included reporting gross proceeds and user data, which many in the crypto industry saw as invasive.
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The Blockchain Association, a major crypto advocacy group, welcomed the decision. The group’s CEO, Kristin Smith, said in an April 11 post on X that developers and entrepreneurs can continue working without fear of new restrictions.
She called the original rule damaging and said it could have seriously hurt the US crypto industry.
President Trump officially removed the rule by signing the resolution. According to Representative Mike Carey, who supported the measure, this marks the first time a crypto-related bill has been signed into law. He criticized the rule for putting too much pressure on the IRS and threatening user privacy and innovation.
Critics of the rule said it treated decentralized platforms like traditional financial brokers, despite the fact that they operate differently.
Meanwhile, the central bank digital currency (CBDC) Anti-Surveillance State Act passed the House Financial Services Committee with a close vote of 27–22. What does the bill entail? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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