Donald Trump signed a bill on Thursday that reversed the expansion of the IRS’s definition of a broker to record decentralized fairs (DEXS).
According to a new report from Reuters, Trump has canceled out the inclusion of decentralized financial (Defi) exchanges in the updated crypto reporting reports for the IRS.
The crypto reporting rules were updated in the last weeks of the administration of President Biden. Both Republican controlled houses of the congress have since voted to reverse the new federal rule.
Trump’s Signing of the bill is the newest in a series of actions that are seen by market leaders as a pro-crypto.
Recently executive director of the President’s Council of Advisors on Digital Assets Bo Hines said that the administration hopes to be a “Golden Age” for cryptocurrencies.
‘At the end of the day, the biggest players of the smallest players in the United States want to be active – they just need a clear series of rules to adhere to this …
We have been in the demolition phase – remove many of those barriers … so that people can start building here in the United States.
My most important message to players in the crypto space is – welcome at home. We are going to create the most pro-crypto-friendly regulatory environment that someone could possibly imagine, because we understand how important the innovation here is in this space. “
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Featured image: Shutterstock/Mr.Alex M