Nikolas Sargeant
In a groundbreaking move for the U.S. cryptocurrency space, former President Donald Trump has signed a resolution that nullifies a controversial IRS rule concerning decentralized finance (DeFi) platforms. The rule, which classified some DeFi participants as "brokers" under U.S. tax law, drew heavy criticism from industry leaders who argued it was overly broad and impractical to enforce.
This legislative reversal marks the first time a crypto-related resolution has successfully passed both chambers of Congress and received presidential approval. It signals a major shift in the political tone surrounding DeFi regulation and sets a precedent for future crypto-friendly policymaking. The IRS rule was originally part of efforts to improve tax compliance, but many in the crypto community saw it as a misstep that could stifle innovation.
Supporters of the repeal view the move as a win for decentralization and technological freedom. By overturning the rule, lawmakers have acknowledged the complexities of DeFi and the importance of crafting regulations that align with the unique structure of blockchain systems. Industry advocates believe this could pave the way for more balanced and informed crypto legislation in the future.
With the 2024 election cycle already heating up, Trump's move could also be seen as a strategic appeal to the growing number of crypto-savvy voters. Whether politically motivated or not, the decision marks a pivotal moment in the evolving intersection between U.S. policy and digital finance.
A Crypto-Friendly Policy Shift Underway
In a series of moves signaling a broader shift toward a more favorable crypto regulatory landscape, the U.S. Senate has confirmed Paul Atkins—known for his pro-market stance—as the new chair of the Securities and Exchange Commission (SEC). The 52–44 confirmation gives Atkins significant power to steer crypto-related oversight in a direction more aligned with innovation and industry collaboration.
At the recent Digital Assets Summit in New York, Trump doubled down on his stance by calling for “common-sense rules” and straightforward regulation of stablecoins. These developments suggest a coordinated effort among Republican leaders to reshape U.S. crypto policy in a way that reduces bureaucratic hurdles and promotes growth in the digital asset space.
