Trump Repeals Controversial DeFi Rule

Senate Overturns IRS Rule on DeFi Platforms

• The Senate voted 70-28 to overturn an IRS rule requiring DeFi platforms to report taxpayer information.
• The rule was deemed “fundamentally unworkable” due to the automated nature of DeFi platforms.
• The House passed a similar resolution with a 292-132 bipartisan vote.
• President Trump is expected to sign the resolution into law.
• Concerns were raised about the rule’s broad definitions affecting crypto market participants.

The Senate’s decision, supported by a significant majority, reflects widespread concerns over the IRS rule’s impact on decentralized finance platforms and its impracticality given their automated operations. The resolution now awaits President Trump’s signature.