Trump Repeals DeFi Reporting Rule with Congressional Resolution

U.S. President Donald Trump has reversed a previous administration’s rule requiring decentralized finance (DeFi) platforms to report to the Internal Revenue Service (IRS). This action, taken through a joint Congressional resolution on April 10th, effectively lifts the reporting requirement for DeFi platforms, including decentralized exchanges, that was implemented under the Biden administration. The prior regulation demanded these platforms disclose gross cryptocurrency sales and details of transactions.