President Donald Trump signs new crypto bill
In a historic move, President Donald Trump has signed the first-ever cryptocurrency-based bill, which is being considered a major success for the crypto industry.
The bill repeals the controversial IRS DeFi Broker Rule, which would have forced decentralized finance (DeFi) platforms to report details of customer transactions to the IRS.
What does this mean for crypto?
- Reduction in regulatory pressure:
The repeal of the DeFi Broker Rule will reduce legal pressure on DeFi platforms, promoting innovation and growth.
- Increase in institutional investment:
The move could be a sign that the US is moving towards more crypto-friendly laws, which will help bring larger institutions into the market.
- Increasing crypto adoption:
When the rules are clear, more people and businesses flock to crypto, potentially increasing demand and prices.
Market Impact
- Short-term volatility:
The price of Bitcoin saw some decline after this news (due to tax issues), but analysts believe that the long-term effects could be positive.
- Long-term development:
The repeal of the DeFi Broker Rule is expected to increase investment in DeFi projects.
People who played important roles:
President Trump: Signed the bill, gave a big benefit to the crypto industry.
Congressmen Mike Kerry and Ted Cruz: Played a key role in getting the bill passed by presenting it in Parliament.
David Sachs: President Trump's crypto advisor, who pushed for the repeal of this law.
What is the future of crypto now?
- Clear rules:
The US government could introduce more clear and crypto-friendly laws, which would make things easier for investors and businesses.
- Increasing mainstream adoption:
As regulations become clearer, ordinary investors and large companies can get involved in crypto, accelerating growth and adoption.