From Nasdaq
March 25, 2025 8:00 am:

President Joe Biden’s proposed rule requiring cryptocurrency platforms to report transactions to the IRS starting in 2027 faced pushback from the industry. However, both the House and Senate voted to overturn the rule, likely leading to its official repeal. This decision could benefit investors and make the US more competitive in the crypto industry.

The rule would have imposed compliance costs on investors and restricted DeFi access. Charles St. Louis, CEO of DELV, highlighted the negative impact on retail investors and the challenges for decentralized platforms to comply. Repealing the rule could relieve the burden on DeFi protocols and allow the US to stay competitive in the crypto space.

Factors like economic variables and market sentiment influence crypto investments. Congress’ stance on the IRS ruling adds to bullish sentiment, reducing uncertainty and keeping DeFi markets accessible. This could signal a shift towards more practical regulations, encouraging institutional and retail adoption of crypto assets.

The Trump administration’s focus on crypto includes plans for a Strategic Bitcoin Reserve to reduce national debt and boost economic activity. While the extent of this commitment is uncertain, strong interest in digital assets could benefit investors. Nonpartisan coverage of political economy topics is available on GOBankingRates.com.

Read more at Nasdaq: What an End to the Biden Administration’s Crypto Tax Rule Could Mean for Your Finances