Trump Overturns IRS Rule on Crypto Brokers With New Bill: Report

Donald Trump signed a bill on Thursday reversing the expansion of the IRS’s definition of a broker to include decentralized exchanges (DEXs).

According to a new Reuters report, Trump has nullified the inclusion of decentralized finance (DeFi) exchanges in the IRS’s updated crypto tax reporting rules.

The crypto reporting rules were updated in the final weeks of President Biden’s administration. Both Republican-controlled Houses of Congress have since voted to reverse the new federal rule.

Trump’s signing of the bill is the latest in a series of acts seen as pro-crypto by industry leaders.

Recently, executive director of the President’s Council of Advisors on Digital Assets Bo Hines said the administration hopes to usher in a “golden age” for cryptocurrencies.

“At the end of the day, the largest players to the smallest players want to be operating in the United States – they just need a clear set of rules to abide by to do so…

We’ve been in the demolition phase – removing a lot of those barriers… So that people can actually start building back here in the United States.

My main message to players in the crypto space has been – welcome home. We are going to create the most pro-crypto-friendly regulatory environment that anyone could possibly imagine because we understand how important the innovation is here in this space.”

 

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