According to Foresight News, U.S. President Trump signed a bill to repeal the IRS DeFi broker rule. The rule required non-custodial digital asset wallet providers to submit information reports, which was seen as hindering innovation and increasing the IRS's burden. The bill signed this time was promoted by Senator Ted Cruz and prohibits the introduction of similar rules in the future. "This regulation would undermine the United States' leadership in the cryptocurrency field. I am grateful that President Trump signed my resolution into law, which is a victory for innovation, privacy, and economic freedom."
In a previous Foresight News report by Eleanor Terrett, the U.S. Senate passed the Congressional Review Act (CRA) for the second time with an overwhelming vote of 70-28, aimed at repealing the IRS "broker" reporting rule for DeFi platforms.
