EddieJayonCrypto
11 Apr 25
President Donald Trump signed the first crypto-related bill into law, eliminating a Biden-era IRS rule that required decentralized finance platforms to collect and report taxpayer information. The bill, the first of its kind signed by any U.S. president, overturns the IRS's DeFi broker rule proposed...
President Trump signed the first crypto-related bill into law, eliminating a Biden-era IRS rule that required decentralized finance platforms to collect and report taxpayer information. The bill, overturning the IRS's DeFi broker rule proposed by the Biden administration in 2023, received bipartisan support and is hailed as a milestone for digital asset regulation. The repeal of the IRS's DeFi broker rule was widely supported by both Republicans and Democrats, reflecting a willingness to challenge the policies of the former party leader. Industry leaders and pro-crypto lawmakers objected to the rule, citing its potential to destroy DeFi in the U.S. The Trump administration, along with White House AI and crypto czar David Sacks, criticized the rule as a "midnight regulation" of the Biden era, citing concerns over stifling innovation, raising privacy issues, and imposing an unprecedented compliance burden on American DeFi companies. Crypto policy leaders celebrated Trump's signing as a significant milestone, signaling a sensible, forward-thinking approach to digital assets in the U.S. This move is expected to have a substantial impact on the crypto industry's trajectory and regulatory history in the country.