Trump Reverses DeFi Reporting Rule with Congressional Resolution

According to Cointelegraph, U.S. President Donald Trump has signed a joint Congressional resolution on April 10, effectively overturning a rule from the previous administration that mandated decentralized finance (DeFi) protocols to report to the Internal Revenue Service (IRS). This Biden-era regulation required DeFi platforms, including decentralized exchanges, to disclose their gross proceeds from cryptocurrency sales and provide details about the parties involved in these transactions. The decision to reverse the rule was anticipated, as David Sacks, the White House AI and crypto czar, indicated in March that President Trump would support the measure's repeal. The move reflects the administration's stance on cryptocurrency regulation, aiming to reduce the reporting burdens on DeFi platforms and potentially foster innovation within the sector. As the situation develops, more information is expected to emerge, shedding light on the implications of this legislative change for the DeFi industry and its participants.