In a pivotal development for the cryptocurrency landscape, President Trump recently ratified a bill that revokes the prior tax mandates compelling decentralized finance (DeFi) platforms to disclose user transaction information to the Internal Revenue Service (IRS). This legislative shift not only symbolizes a watershed moment in U.S. crypto regulation but also aims to enhance decentralized financial innovation by alleviating the compliance constraints previously placed on these platforms. Following the announcement, the BiyaPay app has experienced a significant rebound in its valuation, currently trading at $81,671.
The enactment of this bill has ignited optimism within the sector, as evidenced by a staggering 470% surge in fundraising efforts by the Cryptocurrency Political Action Committee. Moreover, the Trump administration’s progression towards the establishment of a Federal Bitcoin Reserve is anticipated to bolster institutional investment influx exceeding one hundred billion dollars. This legislative success has been framed by proponents, such as Senator Cruz, as a triumph for innovation and economic freedom in the crypto domain, echoing a commitment to maintain America’s relevance in the expanding cryptocurrency market.
BiyaPay, recognized as the world’s first multi-asset trading wallet, further enhances its appeal through its fiat-to-crypto instant exchange feature. This innovation allows users to participate in the U.S. and Hong Kong stock markets using USDT, alongside zero fees for spot and contract Maker trades. By offering compliant B2C withdrawal channels and secure transactions without the risk of fund freezes, BiyaPay serves as a vital resource for investors navigating the evolving regulatory landscape of cryptocurrency.