The First U.S. Crypto Law is Now in Effect! Trump Has Eliminated DeFi Regulations!

TradingKey - President Trump has signed a cryptocurrency bill. This officially removes the DeFi broker rules. It eases regulatory requirements for the industry.

On Thursday, Trump signed a bill to repealing the DeFi broker rules—marking the first U.S. legislation specifically targeting the cryptocurrency sector.

Originally introduced by the Biden administration, the DeFi broker rules required decentralized finance platforms to comply with IRS mandates. These included reporting customer information and total cryptocurrency sales revenue.

The regulations quickly faced  backlash with critics arguing they would stifle innovation and hinder the growth of the DeFi ecosystem. Republican Senator Ted Cruz led efforts to overturn the rules, and now has Trump’s backing. Cruz attended the signing ceremony,  stating: "This regulation will undermine America’s leadership in crypto. I thank President Trump for signing my resolution into law."

Cruz added, "We are protecting developers building the future of cryptocurrency. We clearly state that America will not cede digital leadership to China. We will preserve the ability for Americans to trade without government interference."