In a significant win for decentralized finance (DeFi) protocols, US President Donald Trump overturned the Internal Revenue Service’s DeFi broker rule, which would have expanded existing reporting requirements to include DeFi platforms.
Increasing US crypto regulatory clarity will attract more tech giants to the space, requiring existing crypto projects to focus on more collaborative tokenomics to survive, according to Cardano founder Charles Hoskinson.
Trump signs resolution killing IRS DeFi broker rule
Trump signed a joint congressional resolution overturning a Biden administration-era rule that would have required DeFi protocols to report transactions to the Internal Revenue Service.
Set to take effect in 2027, the IRS DeFi broker rule would have expanded the tax authority’s existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.
Trump formally killed the measure by signing off on the resolution on April 10, marking the first time a crypto bill has been signed into US law, Representative Mike Carey, who backed the bill, said in a statement.
“The DeFi Broker Rule needlessly hindered American innovation, infringed on the privacy of everyday Americans, and was set to overwhelm the IRS with an overflow of new filings that it doesn’t have the infrastructure to handle during tax season,” he said.
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Crypto needs collaborative tokenomics against tech giants — Hoskinson
The next generation of cryptocurrency projects must embrace a more collaborative approach to compete with major centralized tech companies entering the Web3 space, according to Cardano founder Charles Hoskinson.
Speaking at Paris Blockchain Week 2025, Hoskinson said one of the main criticisms of the crypto and DeFi space is its “circular economy,” which often means that the rally of a specific cryptocurrency is bolstered by funds exiting another token, limiting the growth of the whole industry.
Hoskinsin said that to have a chance against the centralized technology giants joining the Web3…
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