Trump Overrules IRS Crypto Rule, Boosting DeFi Adoption

President Donald Trump has signed legislation repealing a contentious IRS regulation that impacted decentralized finance (DeFi) platforms. The rule, enacted at the end of President Biden’s administration, sought to treat DeFi exchanges as conventional brokers and require them to gather user information for tax reporting. This pro-crypto measure marks the first time a new law related to crypto has been enacted without congressional input from either the House or the Senate.