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US President Donald Trump has rescinded a rule that would have required decentralized finance (DeFi) protocols to report all transactions to the Internal Revenue Service (IRS), often referred to as the DeFi broker rule. Trump formally killed the rule by signing a resolution on April 10, marking the first time a pro-crypto measure has cleared the US Senate. DeFi Broker Rule Resolution Quickly Found Its Way To Congress  The rule was introduced by the Biden administration during the final days of the former President’s occupancy at the White House.  It was scheduled to come into effect in 2027, and would have expanded the tax authority’s existing reporting requirements to include DeFi platforms. The resolution to kill the bill quickly made its way into Congress. It was passed out of the House Ways and Means Committee on Feb. 25, with the House passing the resolution on March 11. Representative Mike Carey, who backed the bill to scrap the DeFi broker rule, said ...

An early Bitcoin investor from Austin, Texas, has been arrested for failing to report crypto capital gains involving the sale of around $3.7 million worth of BTC. Investor Frank Richard Ahlgren III “falsely underreported (realized) capital gains” earned from the sale of approximately $3.7 million in BTC between 2017 and 2019, the US Department of Justice (DOJ) said in a Dec. 12 report . Bitcoin Investor Started Buying BTC Back In 2011 Ahlgren started investing in BTC in 2011. In 2015, he purchased 1,366 Bitcoins on the leading US crypto exchange Coinbase when BTC was trading under $500. Two years later in 2017, the investor then sold 640 BTC at an average price of $5,807.53 before reinvesting $3.7 million into real estate. However, authorities identified discrepancies in Ahlgren’s 2017 federal income tax return. In their report, the DOJ said the investor “filed a false 2017 federal income tax return that substantially inflated the cost basis of the bitcoins...