In a historic move, Trump becomes the first U.S. president to enact crypto legislation—repealing the controversial IRS DeFi broker rule and backing digital asset innovation. The law prevents decentralized finance (DeFi) platforms from reporting users’ tax data, ending a rule introduced under the Biden administration.
The repeal passed with bipartisan support—a 70–28 Senate vote—amid growing concerns about privacy and feasibility in the DeFi ecosystem.
Why It Matters:
- DeFi platforms don’t hold user identities or operate like traditional brokers, making the IRS requirement unworkable.
- Crypto leaders warned the rule would cripple U.S. innovation, drive projects offshore, and flood the IRS with unusable data.
- Trump’s repeal signals a policy shift toward crypto-friendly regulation that favors innovation and privacy.
What They’re Saying:
- “Protects innovation and privacy—another major step toward ushering in a golden age for digital assets,” said Bo Hines, White House Crypto Council Exec Director.
- “The DeFi Broker Rule needlessly hindered American innovation,” added Congressman Mike Carey, calling it a burden the IRS couldn’t handle.
What’s Next:
- The repeal comes days after the DOJ shut down its crypto enforcement unit, signaling a broader shift in how the U.S. is approaching crypto oversight.
- Industry players expect more pro-crypto reforms as Trump aligns with calls to modernize digital asset policy.
With a stroke of the pen, Trump just reshaped America’s crypto future. The repeal of the DeFi broker rule is more than a regulatory rollback—it’s a loud endorsement of decentralized innovation and a message to global markets: the U.S. is back in the race for digital finance dominance.
Related:
China strikes back with 125% tariffs on U.S. goods, starting April 12
Tesla stops taking new orders in China
145% Tariffs and a Global Showdown: China Rejects US “Arrogance”
EU to impose retaliatory 25% tariffs on US goods from almonds to yachts
Trump Raises Tariffs On China To 125% After Beijing’s 84% Move
China vows ‘fight to the end’ after Trump threatens extra 50% tariff
Musk made direct appeals to Trump to reverse sweeping new tariffs
Trump Opens Door to Tariff Talks—But No Pause, No Retreat, Just ‘Tough but Fair’ Deals
Bitcoin: Not so independent from the rest of the market?!…
Tariffs Will Stay in Place for Weeks, Commerce Secretary Howard Lutnick Says
