Trump Signs Resolution Overturning IRS Crypto Rule Targeting DeFi
With President Donald Trump’s signature, decentralized finance (DeFi) platforms are now exempt from IRS requirements to be treated as brokers that track and report user activity.
This specific IRS rule, approved in the final days of Joe Biden’s administration, has been officially overturned, according to Representative Mike Carey, an Ohio Republican who supported the effort. The Congressional Review Act was used to eliminate the regulation, preventing the agency from pursuing similar measures.
Though the issue was focused, its resolution marks the first successful pro-crypto effort in US Congress. Both the Senate and House of Representatives voted to reverse the IRS rule, demonstrating strong bipartisan support and highlighting the crypto sector’s influence in Congress. This could positively impact other matters such as stablecoin regulation and market rules for crypto transactions.
