President Donald Trump is set to sign a resolution repealing a contentious IRS rule that required decentralized finance (DeFi) platforms to report taxpayer information. This rule was criticized for being unworkable, as DeFi operates through automated blockchain protocols without user identification. The repeal gained support from both Republicans and some Democrats in the U.S. Senate, passing with a 70-27 vote. Critiques highlighted concerns that the rule would harm market participants and misclassify decentralized platforms as brokers. The initiative to overturn the rule began in January, gaining momentum with bipartisan backing in the House. Trump's administration intends to amend the IRS regulations affecting cryptocurrency operations, signaling a shift in U.S. crypto policy toward a more favorable stance for the industry. David Sacks, Trump’s crypto policy chief, openly supported the legislative move against the IRS, reflecting the administration's commitment to revising regulatory frameworks surrounding digital assets.

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