Crypto Gold Rush: Trump Does a Houdini Act on DeFi Rules!

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Well now, it appears the good ol’ U.S. of A has done gone and passed a law in favor of them digital desperadoes—crypto, that is. In a turn of events as wild as a Mississippi steamboat race, President Trump himself has scrapped that ornery IRS “DeFi Broker Rule.” This here spectacle marks the very first time a crypto bill’s been inked into law, and it sure speaks volumes about the shifting winds at the federal helm. 😏

Our crypto conjurer David Sacks tipped his hat to Senators Ted Cruz, Mike Carey, and Bryan Steil for stirrin’ the pot and pushin’ the resolution through Congress.

UPDATE: As promised, our chief law-slinger Trump signed off on repealin’ that confounded DeFi Broker Rule. Much obliged to @SenTedCruz, @RepMikeCarey, and @RepBryanSteil for wranglin’ this mess in Congress!

— David Sacks (@davidsacks47) April 11, 2025

What in Tarnation Was the DeFi Broker Rule?

Originally hatched in the Biden camp with a startin’ date of 2027, this rule aimed to have decentralized finance platforms spill all the beans about crypto trades—as if they were old-time brokers tradin’ stocks. Supporters hollered that it’d keep tax cheats at bay, but critics figured it would be as practical as tryin’ to lasso a greased pig, what with no central operator in sight. 🤠

Why It Was Repealed

Trump’s bold stroke in repealin’ this rule came on the heels of heavy criticism from lawmakers and crypto enthusiasts alike, who reckoned it would strangle innovation and swamp the IRS faster than a steamboat in flood season. Representative Mike Carey declared it would have invaded the privacy of everyday Americans and turned tax time into a three-ring circus.

HISTORY MADE

Just now, @POTUS signed my bill to cancel that IRS DeFi Crypto Broker Rule.

This here’s the first cryptocurrency bill EVER signed into law by a president. @HouseGOP is fixin’ to keep America the crypto capital of the world!

— Congressman Mike Carey (@RepMikeCarey) April 10, 2025

Meanwhile, crypto lobby groups—like the Blockchain Association—took to the courts, callin’ the rule an “unconstitutional overreach.” Their head honcho, Kristin Smith, cheered that crypto innovators could at last “breathe again,” for the rule would have been as ruinous as a flood on a summer field.

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How the Fickle Winds of Congress Blew This Through

The resolution to nix that ornery rule swept through Congress quicker than a steamboat down the Mississippi. It rattled through the House in March and then the Senate soon after. With Trump’s John Hancock on it, April 10 saw it become law. Word on the river is that our crypto advisor David Sacks confirmed the President’s favorable leanings towards all things digital.

The scrapping of the DeFi Broker Rule sends a clear message—as bold as a front porch declaration—that the U.S. might be pivoting toward a friendlier stance on crypto. Under Trump’s watchful eye, the SEC’s been easing up on its own overzealous antics, hinting at a more innovation-friendly regulatory reset for the crypto frontier. 😉

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FAQs

What in Sam Hill was the DeFi Broker Rule?

A rule cooked up to force DeFi platforms to report crypto trades like the stodgy old brokers, scheduled to kick in by 2027.

Why was it repealed?

Critics claimed it would stifle fresh ideas, invade personal privacy, and burden decentralized systems with impossible demands.

How does this affect crypto users?

It spares DeFi platforms from costly compliance and may well lower fees, encouragin’ new projects to set up shop in the U.S.

What’s next for U.S. crypto policy?

Expect spirited debates over stablecoins, securities laws, and more as the administration leans into a pro-crypto future.

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2025-04-11 09:25