Recently, President Donald Trump signed a congressional resolution, effectively annulling an IRS mandate from the final days of the Biden administration that had posed a significant challenge to decentralized finance (DeFi) platforms.

Key Points:

• The resolution abolishes the IRS regulation that required DeFi platforms to act as brokers, thus mandating them to monitor and report user activities.
• This initiative encountered robust bipartisan backing in Congress, demonstrating the influential clout of the crypto sector.
• This marks the first substantial pro-crypto legislation to clear Congress, signaling a potential shift for future crypto-related initiatives.

According to Representative Mike Carey, this regulatory burden has been formally repealed, and similar measures are now prohibited under the Congressional Review Act. This outcome bodes well for further legislative efforts concerning crypto, particularly regarding the anticipated stablecoin regulations. The president has expressed a desire for legislation to be delivered for his approval by August, keeping the industry’s momentum going.