In detail, the Republican signed a resolution that repealed the IRS standard aimed at platforms defi imposed by the management of former president Joe Biden. Thus, fiscal regulations were revoked, in the first wink of the Trump government to the crypt world.
Donald Trump and his first wink to the Critpo world
In detail, the law repealed by Trump was sanctioned in 2023 – during the years of Biden – And it sought to harden the fiscal declaration requirements by the defi platforms, those that They offer decentralized solutions that do not require intermediaries such as banks, financial or brokers.
However, Beyond the Biden attempt to legislate the cryptoactive industrylast Thursday Trump He signed a resolution to eliminate this standard as reflecting the first effort of the Republican in favor of the crypto world. “The IRS Defi Broker Rule It unnecessarily hindered American innovation, violated the privacy of Americans and was destined to overwhelm the IRS, which does not have the infrastructure to handle during the tax season, with an excess of new presentations, “said the resolution.
Despite providing greater anonymity, Trump’s resolution does not eliminate the obligation to Declare cryptocurrency profits.
After this initial step, the Trump administration will now seek to establish its rules about the Stablcoins. During the crypto held at the White House on March 6, the Treasury Secretary, Scot Besent, clarified that turning the dollar into the dominant currency He was going to rely on Stablecoins.
In this sense, it should be noted that Stablecoins usually have a value of 1 to 1, That is, a cryptocurrency is equivalent to a dollar. This parity allows them to maintain stable value, avoiding the volatility that other cryptoactives present.
That established the crypto law that Donald Trump repealed
The legislation in the final stretch of the Biden mandate and had the objective of “dealing with the risks and taking advantage of the potential benefits of digital assets and their underlying technology.” In detail, the requirements sought to regulate the statements to entities that made regular transactions of digital assets.
Thus, the law sought equate them and treat them as banks. In detail, it was wanted to establish that Decentralized financial platforms They had the same fiscal declaration requirements as centralized banks or traditional stockbrokers.
In this scenario, finance platforms had to report both transactions and user information to IRS body responsible for tax collection and compliance with tax legislation.
Source: Ambito
