At least now, the encryption industry scored a great victory with this new update related to IRS Crypto Reporting. On April 10, 2025, President Donald Trump signed an official bill killing The tax department base that requires decentralized financing platforms (Defi) to report user treatment data. This rule, which was completed late last year under the Biden Administration, has expanded the definition of a “mediator” to include the exchange of traditional encryption and Defi protocols, even those That works on smart contracts without one employee.
Base originally It arose from the Investment and Infrastructure Law for the year 2021, which aims to take strict measures against tax evasion. The legislators believed that the Tax Authority should know whether you are making gains in Devi. But the problem? Defi protocols do not work like central exchanges. They do not have KYC models or customer service offices. There is no easy way to report user data, even if they want to.
Legislative response and cancellation of Trump taxes
Quickly forward until 2025, hit the reaction to the boiling point. The leaders of industry, developers and legislators alike launched the base that cannot be implemented. Enter the Congress Review Law, a tool that rarely allows Congress unlike the newly completed regulations with a simple majority vote.
Trump to sign the first draft law of encrypt
The Senate only crushed the DEFI monitoring base in the Tax Authority 70-28 after the House of Representatives actually demolished 292-132, and the encryption developers handed over a tremendous victory against the government.
Critics celebrated the death of … https://t.co/6crwo0OCQ pic.twitter.com/trvljglhkj
Mario Noufal (Marionawfal) April 11, 2025
The Republicans accused, with Representative Mike Carey and the Senator Ted Cruise (R-TEXAS) in the foreground. Their argument? The base was excessively extensive, poorly studied, and it occurred to crushing innovation in a sector that should lead the United States – not to be organized in forgetfulness.
The draft law bored the Congress and fell to the Trump office, where no time was lost in signing it. This step is the first part of the encoding legislation that was enacted during its second term.
What does Trump’s tax changes mean in the encryption industry?
Of course, the encryption world breathes a little easier. For defi developers, this means that they will not do so Expected To do what is impossible, such as reporting users who do not control or even know. The cancellation removes a major regulatory headache and indications that the government may finally try to understand how decentralized systems In reality job.
However, not all champagne and memes. Some experts are concerned that cancellation leaves a hole in the application of taxes. without clear Reporting, the Tax Authority will have gains tracking more time than Defi activity. Although this may seem like a victory for privacy advocates, it raises long -term questions about whether the space can grow sustainable without accountability.
Reports of the Tax Authority encryption in 2025 and beyond?
this It does not happen in isolation. The Trump administration was moving quickly in the encryption policy. Within just a few months, Trump signed an executive order to create a Bitcoin Reserve and launched a working group focused on rewriting the federal approach to digital assets.
The message is clear: This White House wants a pro -encryption position on encryption. However, whether this leads to more intelligent organization or less.
Meanwhile, Defi gets continued construction. Question It is: Can the space to be organized before another wave of bases returns?
He discovers: 20+ next to the explosion in 2025
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Main meals
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President Trump canceled the tax department base that forced Defi platforms to report user transactions, and cancel a list during the main Biden era.
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The original rule called Defi Protocols as “brokers”, although it lacks central control or user data.
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The leaders of the encryption and the legislators launched the non -executable base, which led to its abolition through the Congress Review Law.
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This step indicates a shift towards the pro -separation encryption policy under the second Trump state.
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While developers celebrate, some experts warn against canceling taxes and leaves an organizational gap.
Post Trump cancels the tax department base that targeted Defi platforms in the tax reporting campaign first appeared on 99bitcoins.