Trump’s Crypto Coup! 🤯

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Well, I’ll be hornswoggled! Seems old President Trump, bless his heart, has gone and put his John Hancock on a piece of paper that’s got the whole crypto-doodle-doo crowd in a tizzy. 🤑 They’re calling it a “joint resolution,” which sounds like something you’d find in a medicine show, but it’s actually about repealing an IRS rule that’s been poking decentralized finance (DeFi) platforms in the eye.

Now, this here legislation, it’s been gallivanting through the Senate and the House like a cat chasing a laser pointer. 😼 The aim of this whole shebang is to keep the IRS from strong-arming DeFi protocols into reporting taxes. Some folks are saying it’s a real humdinger of a development in the world of crypto regulation. Makes you wonder what they’re smokin’, don’t it? 💨

According to that there ex-Fox journalist, Eleanor Terret, President Trump was just itching to sign this thing into law, like a hound dog after a juicy bone. 🐶

Two fellas in the know whispered that President Trump done signed the resolution, with Senator Ted Cruz himself showing up as the head honcho sponsor in the Senate. Fancy that! 🎩

SCOOP: President Trump is expected to sign Congress’s joint resolution to overturn the IRS DeFi broker rule into law imminently, according to two people familiar with the plans.@SenTedCruz, who introduced the joint resolution in the Senate, is expected to be present at the…

— Eleanor Terrett (@EleanorTerrett) April 10, 2025

This bill marks the first time a US president’s put pen to paper on anything crypto-related. It’s been a whirlwind of activity these past few weeks, with both sides of the aisle in Congress agreeing on their own versions of the resolution. The Senate gave it the thumbs-up on March 26 with a 70–28 vote, after the House gave it a nod on March 11.

Overview of the Repealed IRS Rule

This here IRS DeFi broker rule, cooked up during the Biden administration, was supposed to stretch existing tax reporting requirements to cover DeFi platforms. Like putting a saddle on a snake, if you ask me. 🐍

Them platforms were then supposed to cough up gross proceeds from crypto transactions and spill the beans on everyone involved. It was all part of some grand plan to plug up tax loopholes and keep a closer eye on the cryptocurrency circus. 🎪

But, of course, the crypto folks and some lawmakers weren’t too keen on it. They argued that the decentralized nature of DeFi protocols makes it darn near impossible to gather user data or file tax reports. And a lot of them said that trying to enforce these rules would just stifle innovation in the blockchain space. Seems like common sense, but what do I know? 🤷‍♂️

Congressional Action and Political Support

This resolution to overturn the IRS rule got a whole heap of support from both sides of Congress. Now, a similar resolution went through the Senate earlier in March, but the House had to whip up a revised version because of those pesky rules about tax-related legislation. The Senate gave the final seal of approval on March 26, sending it straight to President Trump’s desk.

Senator Ted Cruz, who introduced the resolution, huffed and puffed that the IRS rule was “an attack on emerging technologies that could transform financial systems.” So, the legislation got backing from lawmakers who yammered on about needing clear, innovation-friendly policies on crypto regulation. 🙄

David Sacks, the White House’s AI and crypto advisor, confirmed that President Trump was all for ditching the rule. Sacks said the administration’s goal is to protect decentralized technologies from what they see as overregulation. Sounds like a dog and pony show to me. 🐴

Implications After Donald Trump Sign

Once President Trump scribbled his name on that piece of paper, DeFi platforms were off the hook from those IRS tax reporting obligations. This means that developers and operators of decentralized protocols can breathe a little easier, without having to worry about getting slapped with penalties for not following rules that are practically impossible to follow. 😮‍💨

This repeal also tells us something about how the bigwigs in Washington view crypto technologies. With this bill, President Trump is putting his stamp on a new way of thinking about crypto regulation, one that focuses on technological growth and decentralized innovation. Time will tell if it’s all just smoke and mirrors. 🤔

Industry groups like the DeFi Education Fund are clapping their hands and saying it’s a step in the right direction towards more sensible crypto policy in the United States. Well, let’s hope they’re right, and this ain’t just another wild goose chase. 🦆

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2025-04-11 06:13