US President Donald Trump has signed a bill blocking the Internal Revenue Service from collecting tax return data from decentralized cryptocurrency platforms in a historic move that marks the first time crypto-specific legislation has become law in the US.
The bill, introduced by Republican Senator Ted Cruz (R-TX) under the Congressional Review Act, seeks to repeal the IRS's so-called "DeFi broker rule," which passed the Senate on March 26 with overwhelming bipartisan support of 70-28. Just two weeks ago, a similar version led by Rep. Mike Carey (R-Ohio) passed with a similar "supermajority."
The controversial DeFi broker rule, proposed in the final days of the Biden administration, would require decentralized crypto entities, such as exchanges without a central authority, to comply with traditional IRS reporting requirements. Critics argue that the rule is too onerous, has the potential to stifle innovation, and would severely hamper the DeFi industry.
"This regulation undermines American leadership in cryptocurrency, and I am grateful to President Trump for signing my resolution into law," Mr. Cruz, who attended the signing ceremony Thursday afternoon, told Crypto In America. "This resolution is a victory for innovation, privacy and economic freedom."
Trump signs first cryptocurrency bill, repealing IRS DeFi broker rule
2025-04-10 23:56:10
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