The First U.S. Crypto Law is Now in Effect! Trump Has Eliminated DeFi Regulations!
TradingKey - President Trump has signed a cryptocurrency bill. This officially removes the DeFi broker rules. It eases regulatory requirements for the industry.
On Thursday, Trump signed the bill to repeal the DeFi broker rules. This marks the first U.S. legislation specifically for cryptocurrency.
The DeFi broker rules were introduced by the Biden administration in 2021. They required decentralized platforms to comply with IRS demands. This included providing data on customer information and total crypto sales revenue.
The rules faced quick backlash. Critics argued they would hinder DeFi development. Republican Senator Ted Cruz pushed to repeal these rules, and now he has Trump’s support. Cruz attended the signing ceremony and stated, "This regulation will undermine America’s leadership in crypto. I thank President Trump for signing my resolution into law."
Cruz added, "We are protecting developers building the future of cryptocurrency. We clearly state that America will not cede digital leadership to China. We will preserve the ability for Americans to trade without government interference."
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