President Trump’s escalating trade war with China is putting Elon Musk and Tesla in a tight spot as the electric vehicle manufacturer faces climbing tariffs in one of its most important markets.
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The Refresh
Crypto Corner
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President Trump signed his first crypto-related bill into law Thursday, approving a rollback of a Biden-era rule at the Internal Revenue Service (IRS) that was heavily criticized by the industry.
The IRS rule sought to expand certain tax reporting requirements to decentralized finance companies, which allow people to trade crypto directly without a centralized exchange.
In a letter to congressional leadership in February, numerous crypto organizations argued the rule represented "regulatory overreach" on the part of the Biden administration and "fundamentally misunderstands" the underlying technology.
Sen. Ted Cruz (R-Texas), who led the push to repeal the IRS rule in the upper chamber, touted the resolution Friday as "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," he added in a statement.
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