{"content":"$TRUMP In a decisive move, President Donald Trump has officially enacted legislation that abolishes a contentious crypto tax regulation established by the Biden administration. This rule, which mandated decentralized finance platforms to disclose user transactions akin to traditional financial brokers, had sparked significant debate. Lawmakers voiced their concerns, labeling the requirement as an excessive burden that imposed unnecessary paperwork on crypto companies and jeopardized user privacy. Senators Ted Cruz and Mike Carey spearheaded the resolution to repeal this regulation. Carey passionately denounced the policy as misguided, arguing that it diverted the IRS from its essential responsibilities. Remarkably, both Republican and Democratic lawmakers rallied behind the repeal, although the majority of support came from Republicans. With Trump’s decision, DeFi platforms are now liberated from the obligation to gather extensive personal information from customers for tax reporting. This shift brings immediate relief to crypto companies that had been anxious about the financial strain of compliance costs. Industry representatives had cautioned that such regulations could stifle innovation, potentially pushing it beyond U.S. borders. Now, digital asset services can operate with greater freedom, unencumbered by the heavy reporting demands that once loomed over them. This repeal not only underscores the Trump administration’s more favorable approach to cryptocurrency compared to its predecessor but also marks a significant milestone as one of the first crypto-specific bills to be signed into law by a sitting U.S. president. #CryptoRegulation ","images":["https://d2kdcqywr8ua22.cloudfront.net/uploadfile/article/blog/2025052025/05/17/f0a9bc2aa68f4db9bededdd02f09443d.jpg"],"tags":[],"tradingPairs":["TRUMP/USDT"],"quotearticleid":0}