Trump Vs. IRS: The Great Crypto Showdown Everyone’s Talking About! 🎉💰

Well, hold onto your hats, folks! It seems President Donald Trump has whipped out his magic pen and decided to do a little dance with the IRS, repealing a rather controversial crypto tax rule that graced our lives towards the tail end of Biden’s reign. Because who doesn’t love a surprise twist in the tale of tax regulations?!

Now, this delightful rule was like that overly strict gym teacher—forcing DeFi platforms to play by the same rules as your neighborhood stockbroker. You know, collecting user data and reporting it to the tax agency. Totally fun, right? 😒

Trump Repeals Controversial Crypto Rule

On a seemingly normal Thursday, in a move that could only be described as “Hold my phone, I’m about to shake up the world,” Trump put pen to paper and signed a resolution that tossed this crypto rule into the recycling bin. Apparently, it received a round of applause from both sides of the aisle—a real bipartisan Netflix special. The White House decided to dub this bill a “midnight regulation” because who doesn’t need more drama in politics?

“By repealing this misguided rule,” grumbled some lawmakers, “we’ve just given the IRS a chance to, you know, do its actual job without creating a bureaucratic mess.” Cue the applause. 🙌

After marching through the Senate and House like a champion, the bill swung back to the Senate needing a little TLC—a budget provision squabble here and there, but hey, never a dull moment with politics! Some Democrats, led by the ever-iconic Chuck Schumer, jumped on board, but let’s be real; the real cheerleaders were waving flags from the Republican camp.

H.J.Res.25

Let’s get down to brass tacks: this shiny new measure, or as the cool kids call it, H.J.Res.25, is throwing the IRS’s “Gross Proceeds Reporting by Brokers” rule out the digital window. You know, that little add-on that demanded DeFi platforms to report their every move like a clingy ex? Well, it’s gone! 😅

If you’re keeping score, the new resolution means these platforms won’t have to report their crypto sales like they’re filing for a mortgage. In a classic underdog move, Representative Mike Carey swooped in with a statement about how this rule was about as useful as a chocolate teapot. It was apparently stifling innovation and cramping the privacy of the average American. Shocking, I know!

“The DeFi Broker Rule was like pouring cold water on American innovation, and let’s face it, nobody likes a soggy crypto party!”

A Move Against DeFi And Innovation

Surprise, surprise! Industry bigwigs had been waving their arms in distress when the IRS announced its rule. They claimed it was set to annihilate the DeFi ecosystem as we know it. Because, you see, DeFi protocols mine their business through automated magic and don’t quite fit the mold of traditional brokers. But lo and behold, the IRS pushed ahead anyway, earning the ire of pretty much everyone.

Trump’s team wasn’t having any of it and quickly rallied to repeal the rule with a flourish. The White House’s crypto guru had some choice words for the now-defunct rule, stating,

“This rule is like trying to run a marathon in flip-flops. It’s just not gonna work out!”

And guess what? Crypto policy enthusiasts are toasting to this news, probably somewhere with a fancy cocktail, relieved that a major industry roadblock has been tossed into the rearview mirror. Cheers to that! 🍹

2025-04-11 19:09

Trump Repeals Controversial Crypto Rule

H.J.Res.25

A Move Against DeFi And Innovation

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