IRS Formally Removes Anti-DeFi Broker Rule From Tax Code

Key Points

1. The DeFi broker rule, adopted during the Biden administration, was reversed after President Trump signed a resolution, marking the first crypto-related bill to become law in the U.S.

2. Crypto industry leaders opposed the DeFi broker rule, arguing it could harm DeFi in the U.S., and the IRS has now reverted to its previous broker definition, excluding DeFi protocols.

3. Australia is advancing its tokenization efforts through Project Acacia, a collaboration between the Reserve Bank of Australia and the Australian Securities and Investments Commission.

4. A U.S. magistrate judge recommended dismissing Logan Paul's former assistant from the CryptoZoo lawsuit, citing lack of jurisdiction.

5. El Salvador President Nayib Bukele mocked U.S. Senate Democrats for their scrutiny of his country's Bitcoin policies, calling them 'just salty'.