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- President Trump has signed a decision that turns on the tax authority base that requires Defi platforms to report encryption transactions data.
- It reduces the reflection of the installation of the participants in Defi with organizational demands, and supporting the innovation of digital assets during the processing of concerns related to sharing privacy information and taxpayers.
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President Donald Trump today signed a legislation to cancel the tax department base that was required to report the decentralization platforms (Defi) to report press release It was issued by Representative Mike Curry, who submitted the bill along with Senator Ted Cruz last December.
“This is the first draft law on the coded currency ever signed in the law and the first law to review Congress related to taxes (CRA) that took place in the law,” the statement stated.
“The DEFI base unnecessarily hindered the American innovation, ended with the privacy of the ordinary Americans, and it was appointed to overcome the Tax Authority with excessive new deposits that the infrastructure does not enjoy to deal with during the tax season. Representative Carrie stated.)
the MeasureAlso known as HJRES.25, it aims to make the “total overall returns” reports of brokers that regularly provide services that affect digital asset sales.
This rule, which was presented in recent days of Biden State, has sought the definition of “mediator” to include uncomfortable entities such as Defi platforms and front service providers.
As part of the expanded range, Defi projects will need to report the total revenues of encryption sales and collect taxpayment data, including identities and the history of transactions.
Decision legislation means that the rule “will not have strength or impact”, immediately to cancel the requirements of Defi platforms and other digital asset brokers to report the total sales returns on Form-1099.
Its cancellation reduces compliance burdens that criticized it as impractical and bypassing innovation by many members of the encryption sector, such as the Blockchain Association.
The scale wiped the Senate on March 4 before passing the parliament in the following week. However, due to the budget issue, the closing vote in the Senate was required before being transferred to the president.
On March 26, the Senate voted to cancel the controversial encryption tax base.
Under the Congress Review Law, IRS cannot issue a largely similar base without new Congress. This prevents the agency from re -imposing similar reporting requirements on digital asset brokers without clear approval of Congress.
Trump’s signature is in line with his reverse management position, especially towards emerging technologies such as Crypto, which he increased in his campaign during his 2024 campaign and the second period.
The White House has District the decisionAnd confirming in a statement on March 4 that the Biden era base negatively affects the American innovation, raises serious special issues related to taxpayers information, and puts an unreasonable burden on Defi companies.
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