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In the middle of the Tariff storm and the changing Scenario of the commercial war with China, Donald Trump has had time to repeal one of the most important laws of IRS (Internal Revenue Service) About the Defi world.
Thus signs its first American law related to the crypto scope, one that completely repeals the extension of tax report obligations to decentralized finance platforms.
IRS legislation. In 2023, at the end of his mandate, Biden established The first National Strategy of the United States Towards the Critpo world. Signed a bill that It harden The fiscal declaration requirements by the Defi platforms. All under the position of “dealing with the risks and taking advantage of the potential benefits of digital assets and their underlying technology.”
These requirements were designed to regulate statements to entities that “regularly make sales of digital assets.” Among them, wallet suppliers and other non -custodian platforms.
Treat them as banks. This was wanted to establish that decentralized financial platforms had the same fiscal declaration requirements as centralized banks or traditional stock market runners.
The new rule required that finance platforms report both transactions and user information to the IRS, the federal instance of the United States government in charge of tax collection and compliance with tax laws.
Completely repealed. Four years later, Trump signs a resolution that eliminates the norm of the IRS aimed at Defi platforms, revoking the tax regulations imposed by the previous administration. It is officially the first effort in favor of the crypto world materialized by the new government.
“The IRS Defi Broker Rule unnecessarily hindered American innovation, violated the privacy of Americans and was destined to overwhelm the IRS, which does not have the infrastructure to handle during the tax season, with an excess of new presentations.
By repealing this rule, President Trump and Congress have given the IRS the opportunity to focus on the duties and obligations he already has with US taxpayers instead of creating a new series of bureaucratic obstacles, ”. Mike Carey, member of the Republican Party.”
The Trump administration considers the newly repealed norm as a “bureaucratic obstacle.”
A little more anonymous, but not quite. The repeal of the IRS rule by Trump does not eliminate the obligation to declare cryptocurrency profits. Eliminates the obligation by the platforms to collect and report transactions directly to the IRS.
The Defi Broker rule required that asset wallet suppliers to submit reports to the IRS about operations. Something that will no longer have to do. The entry into force of the new reform has been accompanied by a slight rise from Bitcoin and other crypto, in a positive trend during these last hours.
The next step. Uploaded the first step, the Trump administration He now heads towards Stablecoins. During the crypto held at the White House on March 6, the Treasury Secretary, Scot Besent, clarified that turning the dollar into the dominant currency went on to rely on Stablecoins.
The Stablecoins They usually have a value of 1: 1, that is, a cryptocurrency equals a dollar. This parity allows them to maintain stable value, avoiding the volatility of other crypts. The Trump administration wants to foster its use to reinforce the dollar … and for pure personal interest of the president.
Trump’s crypto. World Liberty Financial, cryptocurrency company supported by Trump and his family, announced on March 25 the creation of USD1a stablecoin linked to the US dollar. It is a project in which an obsession of the President materializes again: to enter personally in the crypto market.
Prior to his appointment he launched $ Trumpa memecoin whose tokens distribution was at 10% public provision and 89% in the hands of companies linked to the president.
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