President Donald Trump has signed a landmark resolution into law, officially repealing the controversial IRS DeFi Broker Rule introduced during the final days of the Biden administration—a move widely hailed as a victory for the cryptocurrency sector and its allies in Congress.
According to an April 10 press release, The resolution, H.J.Res.25, was spearheaded by Rep. Mike Carey (R-Ohio) and Sen. Ted Cruz (R-Texas). It nullifies a 2024 IRS rule that broadened the definition of a “broker” to include decentralized finance (DeFi) platforms, wallet providers, and non-custodial services. The rule would have imposed stringent data collection and reporting requirements on these platforms, mandating them to issue Form 1099s for crypto transactions—a mandate many in the industry said was unworkable.
“This is the first cryptocurrency bill ever signed into law and the first tax-related Congressional Review Act of Disapproval signed into law,”
Rep. Carey said in a statement. He added that the rule “needlessly hindered American innovation” and would have overwhelmed the IRS with compliance demands it is unequipped to handle.
Passed by the Senate on March 4 and the House on March 11, the resolution required a final Senate vote on March 26 due to fiscal implications. Trump’s signature ensures the repealed rule “shall have no force or effect” and bars the IRS from reintroducing a similar regulation unless explicitly approved by Congress.
The White House had previously labelled the IRS rule as a “midnight regulation” from the outgoing Biden administration, signalling early support for its repeal.
The move is part of a broader regulatory shift in Washington under the Trump administration. Just days earlier, on April 8, the Department of Justice announced the dismantling of its National Cryptocurrency Enforcement Team, citing operational inefficiencies.
Adding to the momentum, Paul Atkins—a former SEC commissioner and longtime crypto advocate—is set to assume agency leadership following Senate confirmation. Industry observers expect Atkins’ appointment to usher in a more innovation-friendly regulatory landscape, prioritizing clarity and growth over enforcement-heavy approaches.
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