President Trump's Crypto Advocacy and Deregulatory Actions
Written by VioGD
President Donald J. Trump has taken significant steps to support the cryptocurrency industry, positioning himself as a pro-crypto leader. His administration's actions reflect a commitment to fostering innovation and reducing regulatory burdens.
Nullifying the IRS DeFi Broker Rule
On April 10, 2025, President Trump signed a bill nullifying a revised IRS rule that sought to classify decentralized cryptocurrency exchanges (DeFi) as brokers, thereby subjecting them to tax reporting requirements. The cryptocurrency industry opposed the IRS revision, arguing that DeFi platforms lack the necessary user data to meet reporting requirements. This legislative action was seen as a victory for the crypto community, alleviating concerns over burdensome tax obligations. [Source]
Disbanding the National Cryptocurrency Enforcement Team
In a move to shift the focus of cryptocurrency regulation, the Trump administration disbanded the Department of Justice's National Cryptocurrency Enforcement Team. The decision aimed to prioritize cases involving criminal misuse of digital assets while reducing regulatory actions that could hinder legitimate crypto activities. This policy change aligns with President Trump's broader support for easing regulation of the digital assets industry. [Source]
Establishing a Cryptocurrency Working Group
President Trump ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile. This initiative demonstrates the administration's proactive approach to integrating digital assets into the national financial strategy. [Source]
Conclusion
Through these actions, President Trump has signaled a clear intent to support the growth and integration of cryptocurrency within the United States. By reducing regulatory hurdles and promoting innovation, his administration aims to position the U.S. as a leader in the digital asset space.