news 
U.S. Passes First Crypto Law: Trump Repeals DeFi Broker Rule in Win for Blockchain Innovation
For the first time, the United States has officially passed a pro-crypto law – and it’s a massive win for the blockchain community.
In a significant move that marks a shift towards more crypto-friendly regulations, President Donald Trump has signed off on the repeal of the controversial IRS “DeFi Broker Rule.” This landmark development paves the way for greater innovation in the digital assets space, ensuring a favorable environment for decentralized finance (DeFi) platforms to grow and flourish.
The DeFi Broker Rule, originally proposed during the Biden administration, aimed to expand IRS reporting requirements by mandating that DeFi platforms report user transactions, similar to traditional brokers. Critics argued that this would stifle innovation, invade privacy, and impose impossible demands on decentralized systems.
However, the repeal of this rule sends a strong message that the U.S. is shifting towards a more favorable stance on crypto policies. Under Trump’s administration, the Securities and Exchange Commission (SEC) has already started to roll back aggressive enforcement actions taken under Gary Gensler, signaling a new approach that prioritizes innovation over regulation.
As a result of this development, DeFi platforms will no longer be burdened with costly compliance, potentially leading to lower fees for users and encouraging more projects to stay within the U.S. This regulatory reset has far-reaching implications, allowing the crypto industry to thrive and driving growth in the sector.
This move by Trump’s administration marks a significant turning point for the cryptocurrency market, as it sets a precedent for future legislation. It is likely that we will see debates on stablecoins, securities laws, and broader frameworks in the coming months, with the potential for even more pro-crypto policies to emerge.
For now, however, the crypto community can rejoice in this major win, which paves the way for greater innovation and growth in the blockchain space.
Source: https://coinpedia.org/news/u-s-passes-first-crypto-law-trump-repeals-defi-broker-rule-in-win-for-blockchain-innovation/
