Amidst the swirling mists of Washington, a regulation once deemed as the bane of decentralized exchanges (DeFi platforms) has been cast into the abyss. The now-defunct rule (TD 10021, RIN 1545-BR39) would have forced these platforms to report every whisper of a transaction to the Internal Revenue Service, a task as impossible as teaching a fish to climb a tree. 🐟🌳
The crypto community, a motley crew of tech wizards and digital dreamers, had rallied against this bureaucratic behemoth, arguing that DeFi protocols, often run by algorithms and not by humans, were as capable of compliance as a cloud is of carrying a mountain. 🌤️🏔️
The repeal of this regulation, a victory snatched from the jaws of regulatory overreach, was championed by Republican lawmakers wielding the Congressional Review Act like a sword against the dragon of overregulation. President Donald Trump, with a flourish of his pen, signed the resolution into law in April, much to the delight of the crypto world. 🖋️🎉
Opponents of the regulation, a chorus of voices from the digital frontier, had long argued that such a mandate would stifle innovation and was as practical as trying to herd cats with a broom. 🐱🧹 With the Treasury’s formal removal of the rules, the crypto industry now looks to the future, wondering how the next chapter of crypto tax frameworks will be written to accommodate the unique nature of DeFi.
This move is seen as a significant win for the crypto industry, a sector that has long fought against regulatory approaches that seem as out of touch as a steam engine in the age of electric cars. 🚂⚡
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2025-07-10 18:09