President Donald Trump has signed a landmark crypto-related bill into law, effectively ending a controversial IRS rule from the Biden administration that mandated decentralized finance (DeFi) platforms to adhere to tax reporting requirements meant for traditional brokers. This legislation is historic as it marks the first crypto bill signed into law by any U.S. president. The repeal of the DeFi broker rule, which had been criticized for stifling innovation and threatening taxpayer privacy, received bipartisan support in Congress. Supporters argued that the rule would overwhelm the IRS with unnecessary filings and hinder American innovation in the crypto space. With the elimination of this regulation, industry leaders believe that the U.S. is now adopting a more flexible and progress-oriented regulatory framework for digital assets. The bill has been hailed as a significant milestone for the cryptocurrency industry, illustrating a shift towards more supportive policies for DeFi in the United States.

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