Trump signs bill revoking IRS DeFi broker rule into law

President Donald Trump officially signed a resolution repealing the Rule of the IRS DEFI broker established by the Biden administration.

According to a press release of April 10 statement From the representative Mike Carey (R-Ohio), who presented the bill alongside Senator Ted Cruz (R-Texas), the signing of the president of the bill marks a major legislative victory for the cryptographic industry and its defenders of the Congress.

The bill abrogates a rule of the IRS DEFI broker finalized at the end of 2024 which expanded the definition of the “broker” to include decentralized financing platforms and other non -guardian digital asset services. The rule would have required DEFI platforms, portfolio providers and frontal protocol interfaces to collect user information and report cryptographic transaction data using form 1099.

“This is the first cryptocurrency bill never signed and the first law of disapproval of the revision of the Congress linked to the tax,” said representative Carey in a press release. He added that the rule “unnecessarily hampered American innovation” and would have overwhelmed the IRS of requests for conformity that it is not equipped to manage.

“By repealing this erroneous rule, President Trump and the Congress gave the IRS the opportunity to return the objective of the duties and obligations that he already owes to American taxpayers instead of creating a new series of bureaucratic obstacles.”

– Mike Carey, member of the Ohio Congress

The resolution, known as Hjres.25, adopted the Senate on March 4, 2025, and the Chamber on March 11. Due to its budget -related implications, the bill required a final senate voteoccurred on March 26, before being sent to the president’s office. Trump’s signature ensures that the rule “will have no strength or effect” and prevents the IRS from issuing a similar rule without the explicit approval of the congress under the arc.

The White House had already expressed its support for resolution, qualifying the “midnight regulation” rule introduced in the last days of the Biden administration. The signature comes in the midst of a wider regulatory change in Washington. In recent months, the Securities and Exchange Commission under interim president Mark Uyeda has abandoned prosecution against companies like Coinbase, Gemini and Kraken.

On April 8, the Ministry of Justice dissolved His national team for applying cryptocurrencies, citing strategic missteps. In another major development, Paul Atkins, long -standing commissioner of the SEC and defender of the crypto, should officially take office as a new president of the SEC after the Senate confirmation.

With Atkins in power, the initiates of the industry expect the agency to focus on applying the application to a united Environment for cryptographic innovation.