- Donald Trump has signed a bill to nullify the expanded IRS crypto broker rule.
- The new bill will boost Cardano’s influence in the DeFi ecosystem.
- Trump’s new bill reverses the controversial DeFi broker rule introduced by the Biden administration.
With President Trump signing on the bill cancelling the expanded IRS’ ‘Crypto Broker Rule’, an analyst believes the new conditions will help Cardano expand as a key crypto technology.
In a video analysis, the analyst explained how the new law could increase Cardano’s importance and open up industry potential.
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How Does Cardano Gain the Most From This Repeal?
According to the analyst, the new bill will create a conducive atmosphere for Cardano and its technology to be at the center of a multi-chain, multi-trillion-dollar boom. As an explanation, the analyst highlighted that Cardano, by design, qualifies as the technology to be at the center of the DeFi innovations, also noting its security and decentralization attributes crucial.
The analyst also noted the historical weight of Trump’s action; the first crypto-specific bill becoming US law. He believes the new development will trigger positive events in the crypto industry, with Cardano at the center of it all.
What Was the DeFi Broker Rule That Was Just Repealed?
For context, the newly signed bill reverses the controversial DeFi Broker Rule introduced in the final days of the Joe Biden administration.
That rule required decentralized crypto entities to comply with traditional IRS reporting requirements, and many crypto proponents believed it was a burdensome protocol that could stifle innovation and hinder the DeFi sector’s growth.
Related: US Congress Targets Crypto Bill by 2025: Pro-Crypto Senator Cynthia Lummis Drives Senate Agenda
Analyst: Repeal Clears Path for Cardano’s Strengths in DeFi
Many crypto industry leaders applauded Trump’s latest move, hailing it as a victory for the DeFi sector and crypto in general.
And as a Cardano supporter, the analyst thinks the innovative blockchain network will benefit the most from the new rule, with a significant effect on the project’s native cryptocurrency, the ADA token.
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