U.S. Enacts First Crypto Law as Trump Repeals DeFi Rule

President Trump signed a new law, repealing the DeFi broker rule on October 2, 2023, signaling major regulatory changes across the U.S. blockchain landscape.

The decision promotes blockchain innovation, potentially altering market conditions and invigorating U.S. competitiveness in the global crypto landscape.

DeFi Broker Rule Repealed by Trump Administration

The repeal of the DeFi broker rule marks a cornerstone in U.S. crypto regulation. Preceding discussions emphasized reducing constraints on DeFi platforms, aiming to foster technological advancements.

Involved stakeholders include significant U.S. policymakers and cryptocurrency advocates. The new legislation shifts existing financial paradigms, removing barriers for decentralized financial projects to expand.

Investor Interest Surges Following Legislative Change

Immediate reactions showed an uptick in blockchain project activities, with increased interest from investors. This marks a pivotal moment for U.S.-based crypto startups.

This legislative action implies socio-economic impacts, encouraging innovation across the financial sector. Rep. Mike Carey stated, “By repealing this misguided rule, President Trump and Congress have given the IRS an opportunity to return its focus to the duties and obligations it already owes to American taxpayers instead of creating a new series of bureaucratic hurdles.”

Comparative Analysis: Crypto Regulation Evolution

Comparing past crypto regulations reveals incremental policy easing towards digital currencies. The latest repeal aligns with prior advancements in crypto-friendly policies.

Looking ahead, experts suggest the move could stimulate financial innovation, increasing U.S. influence in global crypto markets. Historical data suggests potential for invigorated economic growth.