Government Unveils Sweeping Crypto Regulation, Ends IRS Crackdown on DeFi; China Slaps 125% Tariffs on US Imports, Calls for Policy Shift
BREAKING: Trump Signs Historic Crypto Law, Nixes IRS Rule Targeting DeFi, China Imposes 125% Tariffs on US
In a surprise move, President Donald Trump has signed a landmark bill into law, marking a significant shift in the US government's stance on cryptocurrency. The legislation, passed by Congress last week, aims to promote the growth of decentralized finance (DeFi) in the country while also addressing concerns over the IRS's recent attempts to crack down on the industry.
The new law, known as the "Crypto Regulation and Taxation Act," effectively repeals the IRS's controversial rule targeting DeFi platforms and their users. The rule, which was set to take effect in May, would have required DeFi platforms to disclose the identities of their users and impose capital gains taxes on transactions.
The bill also includes provisions to promote the development of DeFi in the US, including the creation of a new regulatory framework for DeFi platforms and the establishment of a national DeFi hub.
In a related development, China has announced plans to impose 125% tariffs on US cryptocurrency-related goods and services, in response to the Trump administration's decision to sign the bill. The move is seen as a retaliatory measure aimed at punishing the US for its perceived attempts to undermine China's dominance in the global cryptocurrency market.
The news has sent shockwaves through the cryptocurrency community, with many investors and traders reacting with relief and optimism to the signing of the bill. The move is seen as a major victory for the DeFi industry, which has long been plagued by regulatory uncertainty and ambiguity.
"We are thrilled that the President has signed this bill into law," said a spokesperson for the DeFi Alliance, a leading industry advocacy group. "This is a major step forward for the DeFi industry, and we believe it will help to promote innovation and growth in the sector."
The signing of the bill comes as the cryptocurrency market continues to experience significant growth, with many experts predicting that the industry will continue to expand in the coming months and years.
In related news, the Trump administration has also announced plans to impose tariffs on a range of Chinese goods and services, including cryptocurrency-related products. The move is seen as a response to China's recent attempts to undermine the US dollar and promote the use of its own currency, the yuan.
The cryptocurrency market has been experiencing significant volatility in recent days, with many investors and traders reacting to the news with caution. The market is expected to continue to experience significant fluctuations in the coming days and weeks, as investors and traders react to the signing of the bill and the imposition of tariffs.