Under a new executive order signed by President Trump, the IRS will no longer enforce a controversial rule requiring certain cryptocurrency platforms to report transaction data. Formally titled “Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales,” but known as the “DeFi Broker Rule,” this legislation would have mandated decentralized exchanges to report their customers’ total digital asset sales to the IRS. The Trump administration cited concerns about the rule’s potential to stifle innovation in the rapidly growing DeFi sector.
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Trump Reverses ‘DeFi Broker Rule’ Introduced Under Biden: All Details
Under a new executive order signed by President Trump, the IRS will no longer enforce a controversial rule requiring certain cryptocurrency platforms to report transaction data. Formally titled “Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales,” but known as the “DeFi Broker Rule,” this legislation would have mandated decentralized exchanges to report their customers’ total digital asset sales to the IRS. The Trump administration cited concerns about the rule’s potential to stifle innovation in the rapidly growing DeFi sector.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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