US President Donald Trump has repealed the controversial rules imposed by the Joe Biden government on his last day. The rules required decentralized cryptocurrency exchanges to comply with the new tax obligations.
In early March, Cryptonotics reported that David Sacks, the So-Called«Ai Tsar and Cryptocurrencies« designated by Trump, supported the resolution presented by Senators Ted Cruz and House Rep. Mike Carey. This rule extended the definition of “corridor” to include non-center exchanges. Enforce traditional financial intermediaries to meet tax requirements.
According to the resolution, the regulations “stop innovation in the United States, generate privacy concerns and require taxpayers to share personal information.” Furthermore, the rules were emphasizedThey will impose unprecedented obligations We in the sector to companies.
That same month, both the House and Senate voted in favor of cancelling the standard. However, last Thursday, Donald Trump signed the repeal through HJRES Law.25 was featured on the official House of Representatives portal.
The joint resolution was approved with strong bipartisan support by both the House and Senate, and was supported by more than 100 stakeholders involved in the impact of the recommended IRS standards.
Part of a statement issued by the House of Representatives.
Rep. Mike Carrey, promoter of the initiative, said the repeal of the rules has allowed the IRS. Focus on current duties with taxpayers without addressing new bureaucratic challenges.
Runner’s rules were trying to unnecessarily hinder US innovation, affect the privacy of the public, and saturate the IRS with many statements that didn’t have the infrastructure to handle during the tax season. By repealing this erroneous rule, President Trump and Congress have given the IRS the opportunity to focus on taxpayers already on challenges and duties, instead of creating a new set of bureaucratic obstacles. President Trump thanked him for signing this important law and David Sachs. We would like to thank his leadership and for helping the US remain a world leader in the industry.
Mike Carrey, representative of Ohio’s District 15th.
Since the official X account, the Defi Education Fund Organization has celebrated the suspension of the “Defi Runner Rules.” Group representatives released a thread thanking Senators Ted Cruz and Rep. Mike Carrey for their support of his cause, emphasizing what they consider to be “a new commitment to creating a US regulatory environment that promotes the development of decentralized finances and open source software.”
By eliminating this controversial rule, Trump marks another gesture with the community of cryptographic works. It should be remembered that at the end of January, his government abolished the controversial SAB 121 and forced the financial company to register cryptocurrency as a liability for its balance. Additionally, the administration has decided to ban the central bank (CBDC) digital currency and has approved the creation of a strategic Bitcoin reserve consisting of forfeiture assets, but will allow the use of neutral strategies to acquire additional BTC.
(tagstotranslate) Exchange House (Exchange)
