Trump signed executive order to repeal DeFi-focused US IRS rule

US President Donald Trump has signed an executive order repealing Internal Revenue Service (IRS) demands for Decentralized Finance (DeFi). The federal agency considered DeFi brokers and required tracking and reporting user activity. The IRS will also not be able to reestablish these requirements in accordance with the Congressional Review Act.  

Both the House of Representatives and Senate agreed to reverse the agency’s rules, further highlighting the support for cryptocurrencies from the current US authorities. CoinDesk notes that there are high chances of establishing stablecoin regulation and setting market rules for cryptocurrency transactions.

Stablecoin legislation could be the next priority in Congress. Two similar bills on the regulation of such cryptocurrencies are awaiting votes in the House of Representatives and Senate. Once approved, the bills are to be combined into one compromise version, CoinDesk reports. Donald Trump has called for the legislation to be finalized by August.