Summary
- President Trump announced that he signed a resolution to repeal the IRS's 'DeFi Broker Regulation.'
- This repeal is based on a resolution proposed by Republican lawmakers, which abolished the regulation that required DeFi brokers to report digital asset sales revenue.
- Congressman Carey emphasized that the IRS can now focus on existing taxpayer responsibilities instead of new regulations.
U.S. President Donald Trump has signed a resolution to repeal the IRS's 'DeFi Broker Regulation.'
According to The Block on the 11th (local time), Trump signed a resolution to repeal the IRS's DeFi Broker Regulation, which was finalized at the end of the Biden administration. The resolution is known to have been jointly proposed earlier this year by Republican Senator Ted Cruz and Congressman Mike Carey.
Regarding this, Congressman Carey emphasized, "Through this regulatory repeal, President Trump and Congress have provided an opportunity for the IRS to focus on its responsibilities to existing taxpayers rather than creating new bureaucratic barriers."
Meanwhile, the DeFi Broker Regulation requires DeFi brokers to report total revenues from digital asset sales to the IRS.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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