Trump Overturns IRS DeFi Broker Rule

Trump Overturns IRS DeFi Reporting Rule

• President Trump signed a resolution nullifying an IRS rule requiring DeFi platforms to report crypto transactions.
• The measure was introduced by Rep. Mike Carey and Sen. Ted Cruz.
• This is the first cryptocurrency bill signed into law under the Congressional Review Act of Disapproval.
• The rule, from Biden’s term, expanded “broker” definitions to include non-custodial entities like DeFi platforms.
• Repeal alleviates compliance burdens and privacy concerns for DeFi participants.

The new legislation, H.J.Res.25, repeals the IRS requirement for DeFi platforms to report gross proceeds of sales, reducing regulatory demands and supporting digital asset innovation.