Trump Don Cancel IRS DeFi Broker Rule, Marking End Of Crypto Regulatory Saga
The kontroversial IRS DeFi broker rule, wey dem introduce through the Infrastructure Investment and Jobs Act of 2021, don dey cancel with President Trump signing Joint Resolution 25 into law. This rule bin expand the term 'broker' to include decentralized finance entities, wey cause wahala from industry people like Blockchain Association and DeFi Education Fund. Dem argue say e dey pose threat to U.S.'s digital currency leadership. Initiatives wey Rep. Mike Carey and Sen. Ted Cruz lead, wey get bipartisan support, bin successful overturn this rule, so dem con dismiss related lawsuits. This one mark the close of important chapter for crypto regulation, wey dey end 3-year legislative struggle. Wetin dey important be say, Kristin Smith, wey no gree for the rule and CEO of Blockchain Association, go dey leave to head Solana Policy Institute, wey dey show say advocacy leadership dey change.
Bullish
The removal of the IRS rule dey reduce regulatory pressure on top the DeFi sector, wey fit attract more innovation and people wey wan join the market. This reduction in compliance burdens fit be seen as something good, wey dey make U.S. more attractive as hub for crypto activities. For short time, e go likely boost investor confidence, wey go fuel market growth. For long time, the streamlined regulatory environment fit lead to sustained investment and expansion for inside the DeFi space, wey fit make trading dey sweet and money dey flow well across platforms.