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Trump is preparing to sign the crypto decision passed by Congress.
It was claimed that Trump is about to sign the decision that cancels the DeFi broker rule passed by Congress. What will the repeal of the regulation bring?
It has been reported that U.S. President Donald Trump will soon sign and legalize the decision to cancel the DeFi broker rule passed by Congress in recent weeks.
According to Fox News reporter Eleanor Terrett, Senator Ted Cruz, who submitted the decision to the Senate, will also be present at the signing ceremony.
The bill that exempts DeFi protocols from the IRS tax reporting requirements was passed with an overwhelming majority in the Senate two weeks ago. If signed by Trump, this will be recorded as the first crypto-focused regulation enacted by a U.S. president.
What will the cancellation of the DeFi rule provide?
The rule emerged as a regulation that contradicts the nature of decentralized finance. The content of the rule mandated the reporting of customer information, covering almost everyone acting as intermediaries in crypto transactions. This approach was deemed overly intrusive and impractical by industry professionals. In particular, the obligations imposed on DeFi protocols were technically impossible to implement and raised legal uncertainties. It was argued that implementing the rule in this form would stifle innovation, compromise user privacy, and undermine the competitive position of the U.S.
Therefore, the repeal of the rule will remove the excessive obligations intended to be imposed, protect the principles of decentralization, and prevent the comprehensive collection of users' identity information.