Trump Signs Bill Repealing Controversial DeFi Rule, Boosting Crypto Industry

US President Donald Trump has signed legislation repealing the controversial IRS DeFi rule for crypto platforms. The bill, passed by Congress and signed on April 10th, marks a significant victory for the cryptocurrency industry, as it eliminates the requirement for DeFi platforms to report user transactions and other information to the IRS starting in 2027. The rule was initially formulated during the Biden administration but faced heavy opposition from crypto advocates who highlighted potential harm to innovation.