The US Congress has voted to repeal the controversial 'DeFi Broker Rule' introduced under the Biden administration. The decision now awaits President Trump's approval.
The DeFi Broker Rule and Its Repeal
The Senate and the House of Representatives have voted to overturn rule S.J.Res.3, showing bipartisan opposition. If approved by the President, this repeal could significantly change the regulatory landscape of DeFi and crypto taxation.
Reactions to the Potential Repeal
While many celebrated the Senate vote, others expressed disappointment. Critics argue that such regulations could place excessive burdens on decentralized platforms, stifling innovation. Democratic Representative Lloyd Doggett claimed that the repeal might facilitate tax evasion and illicit financial activities.
Implications for the Crypto Market
The broader crypto market has shown mixed sentiment in response. The global market cap dipped to $2.86 trillion—a 0.41% decline. Bitcoin (BTC) was trading at $87,480.97, after a 0.16% drop, while Ethereum (ETH) experienced a sharper 1.68% decline, trading at $2,027.13. As regulatory battles continue to shape the industry, market participants remain watchful of how these developments could influence the future of decentralized finance.
The repeal of the DeFi Broker Rule could lead to significant changes in the regulation of decentralized finance in the US. The upcoming decision by the President is awaited to determine the future direction of this field.
