Trump’s Hilarious IRS Smackdown: Crypto’s New Comedy Show!

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Hold onto your wallets, folks! Trump just took a sledgehammer to the IRS’s ridiculous DeFi reporting rule, giving crypto a turbo boost and putting the brakes on tax snooping in decentralized finance. Who knew politics could be this entertaining? 🎉💰

Trump’s Epic IRS Rule Smash—Crypto’s Future Just Got a Makeover!

In a move that could only be described as a blockbuster sequel, President Donald Trump signed H.J.Res.25 into law at the White House on Thursday, officially sending the IRS’s pesky digital asset reporting rule packing! Talk about a regulatory rollback that deserves a standing ovation! 👏

This now-defunct rule, which was as popular as a root canal, was cooked up during the last days of the Biden administration. It aimed to slap traditional broker reporting standards on DeFi participants, including a new Form 1099-DA. Because who doesn’t love more paperwork, right? 🙄

Rep. French Hill, the Chairman of the House Financial Services Committee, took to social media platform X to share his excitement:

What a historic moment for crypto! Thanks to President Trump for making sure America stays the star of the digital asset show! 🌟

With the enactment of H.J.Res.25, lawmakers have hit the reset button on DeFi taxation, signaling that future policies will need to consider the unique quirks of decentralized platforms. It’s like trying to fit a square peg in a round hole—good luck with that! 😂

The resolution received a hearty bipartisan cheer, passing 292-132 in the House and 70-28 in the Senate. Former IRS Commissioner Charles Rettig had previously warned that the reporting mandate would “overwhelm the agency and have little or no value to effective and efficient tax administration.” Sounds like a recipe for disaster! 🍽️

The now-defunct IRS rule was part of the grand plan from the Infrastructure Investment and Jobs Act of 2021, which tried to classify decentralized platforms as brokers. Because, you know, why not make life harder for everyone? 🙃

Critics argued this regulatory framework was as compatible with DeFi as oil and water. Representative Mike Carey of Ohio chimed in:

The DeFi Broker Rule was like a bad joke—hindered American innovation, invaded the privacy of everyday folks, and was set to drown the IRS in a sea of new filings it couldn’t handle during tax season. Yikes! 😱

Thanks to this legislation, the 1099-DA mandate is now a thing of the past, freeing DeFi protocols from the burden of collecting and reporting sensitive transaction data. It’s a win for privacy and a loss for paperwork! 🎊

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2025-04-11 06:57