Trump Upholds DeFi Privacy: Reverses IRS Rule Requiring Data Reporting

President Donald Trump signed a resolution overturning an IRS rule that sought to impose stricter tax reporting requirements on decentralized finance (DeFi) platforms, thereby protecting the privacy and autonomy of users in this space. This regulation, initiated under the previous administration, aimed to classify DeFi platforms as brokers, mandating reporting on user transactions to the IRS. This change is seen as a significant victory for the DeFi community, marking a move away from imposing compliance burdens that could hinder innovation and decentralized principles.