In a spectacle fit for the annals of American pageantry, President Donald Trump has bestowed his mighty signature upon a bill that vanquishes the much-maligned IRS DeFi Broker Rule. Crypto enthusiasts nationwide are positively giddy (and possibly clutching champagne bottles) over this coup de grâce delivered on April 10—an occasion no doubt destined to spawn lavish coin-themed soirees.
The infamous rule, conceived during the dear days of the Biden administration and slated for 2027, would have demanded heroic feats of paperwork from DeFi platforms—endless forms, receipts galore, and personal user details, all neatly stacked for the IRS to analyze (or possibly misplace). This newly minted legislation is being hailed as the first crypto-related law to ever grace the President’s ink, prompting many observers to break out in celebratory jigs. 🕺💃
🚨 Crisp Confetti & Crypto Chaos 🚨
Moments ago, @POTUS sent that dastardly IRS DeFi Rule packing with a swift stroke of his pen.
History, dear friends, is made! Our beloved crypto remains free to roam the digital jungle.
— Congressman Mike Carey (@RepMikeCarey) April 10, 2025
Critics cautioned the rule would bury innovation under mountains of spreadsheets, stuff the IRS with more data than it could possibly digest, and trample user privacy. “Who needs privacy, anyway?” one might ask sarcastically. Representative Mike Carey, who championed the resolution, voiced a more polite version of that sentiment, deeming the rule an unnecessary blockade on the American innovation express.
Meanwhile, crypto luminaries are frolicking with unbridled exuberance. Kristin Smith of the Blockchain Association suggests the entire industry at last can “breathe again,” declaring the defunct rule a relic best left to gather dust in the crypt of Overreaching Regulations Past. Her organization had even taken the audacious step of dragging the IRS, the Treasury, and former Treasury Secretary Janet Yellen to court—a measure the new legislation happily renders moot.
Add to this the unexpectedly crypto-friendly shift of Trump’s administration. The SEC, perhaps slightly dazzled by the bright lights of crypto glory, is loosening its grip and actually chatting with the industry about future rules. Critics of the move, like that earnest Democratic Rep. Lloyd Doggett, frown at missed opportunities to close comfy loopholes for the well-heeled. Yet for now, DeFi platforms rejoice, prancing about free from the IRS’s looming gaze. The US crypto sphere, it would seem, has arrived at an epoch-defining moment—bravado, emojis, and all. 😏
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2025-04-11 07:03