Trump signed the bill concerning the crypto market - Bitcoin news - Uzmancoin - Crypto and Blockchain

U.S. President Donald Trump signed a bill that cancels the tax reporting requirement for decentralized finance (DeFi) platforms. This bill is the first law related to cryptocurrency signed in the U.S.

The revoked regulation required DeFi platforms to collect user information and report it to the IRS just like traditional brokerage firms. However, the crypto sector reacted strongly to this rule and argued that automated systems would be unable to fulfill such a requirement.

Regarding the repeal of the law, Ohio Representative Mike Carey stated, "This unnecessary rule was undermining American innovation and threatening the privacy of citizens," indicating that the decision was accurate.

David Sacks, the crypto officer of the White House, described the regulation as "a midnight regulation issued by the Biden administration." Sacks had previously stated that this rule would stifle the industry and render the IRS ineffective with millions of tax filings.

Amanda Tuminelli, the director of the DeFi Education Fund, one of the well-known names in the cryptocurrency sector, described Trump's signature as "a turning point for digital assets." Tuminelli stated, "The U.S. is now pursuing a more reasonable and forward-looking cryptocurrency policy."

Published: April 11, 2025 17:01