Seeds of Wisdom RV and Economic Updates Friday Morning 4-11-25
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TRUMP MAKES HISTORY SIGNING FIRST CRYPTO BILL INTO LAW - THE LAW REPEALS THE IRS’S CONTROVERSIAL 'DEFI BROKER RULE'
In a historic move, President Trump has signed into law a bill that blocks the Internal Revenue Service from collecting tax reporting data from decentralized crypto platforms.
It marks the first time a cryptocurrency-specific piece of legislation has become law in the United States.
The bill, introduced under the Congressional Review Act by Republican Senator Ted Cruz (R-TX) to repeal the IRS’s so-called “DeFi broker rule,” passed the Senate on March 26 with overwhelming bipartisan support in a 70–28 vote. A similar version, led in the House by Congressman Mike Carey (R-OH), had passed with a comparable ‘supermajority’ just two weeks earlier.
The controversial DeFi broker rule, introduced in the final days of the Biden administration, would have required decentralized crypto entities, such as exchanges without a central governing body, to comply with traditional IRS reporting requirements.
Critics argued that the mandate was overly burdensome, risked stifling innovation, and could significantly hinder growth in the DeFi sector.
“This rule would have undermined American leadership on cryptocurrency and I am grateful to President Trump for signing my resolution into law,” Cruz, who attended the signing ceremony Thursday afternoon, told Crypto In America. “The resolution is a victory for innovation, privacy, and economic freedom.”
“We are protecting the developers who are building the future of cryptocurrency, making clear that the United States will not cede digital leadership to China, and preserving the ability of Americans to conduct transactions without government interference,” Cruz added.
The move is being hailed as a victory by industry leaders who are looking to the crypto-friendly Trump administration to safeguard the rights of builders and software developers, who felt they were unfairly targeted by the regulation-heavy Biden administration.
“This bipartisan action underscores our nation's commitment to fostering innovation and ensuring that Americans retain the freedom to choose how they transact, said Amanda Tuminelli, CEO of the DeFi Education Fund, an advocacy group focused on decentralized finance. “President Trump’s signature is a critical signal change for the crypto industry: the United States has embraced a sensible, forward-thinking approach to digital assets.”
The bill signing marks the second major win for DeFi proponents this week, following a Monday memo from the Deputy Attorney General clarifying that the DOJ will no longer pursue software developers for actions taken by third-party users on their platforms.
@ Newshounds News™
Source: CryptoInAmerica
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SEC DROPS SUIT AGAINST HELIUM FOR ALLEGED SECURITIES VIOLATIONS
The agency's lawsuit against Helium was its final action under former Chair Gary Gensler, aiming to penalize a crypto firm for a token launch.
The US Securities and Exchange Commission (SEC) has dismissed a lawsuit against Nova Labs, developer of decentralized wireless network Helium, for allegedly issuing unregistered securities, Helium stated in an April 10 blog post.
Filed in January 2025, the lawsuit was among the SEC’s final enforcement actions against a cryptocurrency developer under former Chair Gary Gensler, who stepped down from his post on Jan. 20 after US President Donald Trump took office.
The dismissal with prejudice means the blockchain developer cannot be charged with similar violations again for issuing in 2019 its native token Helium, the company said.
“[W]e can now definitively say that all compatible Helium Hotspots and the distribution of HNT, IOT, and MOBILE tokens through the Helium Network are not securities,” Helium said.
“[T]he outcome establishes that selling hardware and distributing tokens for network growth does not automatically make them securities in the eyes of the SEC [and] that the SEC cannot bring these charges against Helium again,” it added.
The SEC’s Helium reversal came the same day Trump-nominee Paul Atkins formally replaced Gensler as SEC Chair after a lengthy confirmation process in the Senate.
Helium is a blockchain network designed to let “anyone build and own massive wireless networks,” according to its website. The protocol reports having roughly 375,000 active hotspots.
According to CoinGecko, HNT has a market capitalization of approximately $480 million as of April 10 — down from highs of more than $5 billion in November 2021.
Changing policy stance
Under Gensler, the SEC brought upward of 100 charges against Web3 developers for various alleged securities violations.
Since Trump took office, the SEC has sharply reversed course, dropping numerous charges against crypto firms, including Coinbase, Kraken, Ripple and Uniswap.
Trump has positioned himself as a pro-crypto President, promising to make America the “world’s crypto capital,” appointing industry-friendly leaders to key regulatory posts, and ordering the federal government to create a national Bitcoin reserve.
For some crypto executives, Trump's policies — such as announcing sweeping tariffs on US imports in April — threaten to stymie crypto’s progress.
@ Newshounds News™
Source: CoinTelegraph
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