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By Kapil Rajyaguru
Trump Signs Resolution Killing IRS DeFi Broker Rule.
US President Donald Trump has signed a joint congressional resolution overturning a Biden administration-era rule that would have required decentralized finance (DeFi) protocols to report transactions to the Internal Revenue Service.
Set to take effect in 2027, the so-called IRS DeFi broker rule would have expanded the tax authority’s existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.
Trump formally killed the measure by signing off on the resolution on April 10, marking the first time a crypto bill has ever been signed into law, Representative Mike Carey, who backed the bill, said in a statement.
Bitcoin Reserve Bills Advance In New Hampshire, Florida.
New Hampshire’s House and Florida’s House Insurance and Banking Committee have respectively advanced bills allowing their states to create Bitcoin reserves. New Hampshire’s House passed its Bitcoin reserve bill, HB302, in a 192-179 vote on April 10, which will now head to the Senate.
The state is now the fourth to pass a Bitcoin reserve bill through one chamber, joining Arizona, Texas, and Oklahoma.
Meanwhile, on April 10, Florida’s House Insurance and Banking Committee passed the state’s Bitcoin reserve bill, HB487, with a unanimous vote. The bill has three committees to clear before it progresses to Florida’s House.
Illinois Senate Passes Crypto Bill To Fight Fraud And Rug Pulls.
The Illinois Senate by a vote of 39 to 17, passed a regulatory bill aimed at curbing cryptocurrency fraud and protecting investors from deceptive practices, including rug pulls and misleading fee structures.
On April 10, the chamber passed Senate Bill 1797 (SB1797), also known as the Digital Assets and Consumer Protection Act, which Senator Mark Walker introduced in February.
The bill gives the Illinois Department of Financial and Professional Regulation authority to oversee digital asset business activity within the state.
SEC Drops Suit Against Helium For Alleged Securities Violations.
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.
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