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Under a new executive order signed by President Trump, the IRS will no longer enforce a controversial rule requiring certain cryptocurrency platforms to report transaction data. Formally titled “Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales,” but known as the “DeFi Broker Rule,” this legislation would have mandated decentralized exchanges to report their customers’ total digital asset sales to the IRS. The Trump administration cited concerns about the rule’s potential to stifle innovation in the rapidly growing DeFi sector.
