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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