Join Our Telegram channel to stay up to date on breaking news coverage
US President Donald Trump has rescinded a rule that would have required decentralized finance (DeFi) protocols to report all transactions to the Internal Revenue Service (IRS), often referred to as the DeFi broker rule.
Trump formally killed the rule by signing a resolution on April 10, marking the first time a pro-crypto measure has cleared the US Senate.
DeFi Broker Rule Resolution Quickly Found Its Way To Congress
The rule was introduced by the Biden administration during the final days of the former President’s occupancy at the White House.
It was scheduled to come into effect in 2027, and would have expanded the tax authority’s existing reporting requirements to include DeFi platforms.
The resolution to kill the bill quickly made its way into Congress. It was passed out of the House Ways and Means Committee on Feb. 25, with the House passing the resolution on March 11.
Representative Mike Carey, who backed the bill to scrap the DeFi broker rule, said in a statement that the rule “hindered American innovation, infringed on privacy of everyday Americans, and was set to overwhelm the IRS.
🚨 HISTORY MADE 🚨
Just now, @POTUS signed my bill to repeal to the IRS DeFi Crypto Broker Rule.
This is the first cryptocurrency bill EVER signed into law by a president.@HouseGOP is working to keep America as the crypto capital of the world!
— Congressman Mike Carey (@RepMikeCarey) April 10, 2025
However, not everyone share’s Carey’s view. Opposition to the resolution, including Democratic Representative Lloyd Doggett, argue that killing the DeFi broker rule would open up a loophole that the wealthy can exploit to cheat the tax system.
Stablecoin Legislation Is The Next Crypto Priority For Congress
Following the resolution to scrap the DeFi broker rule, the next crypto-related priority for Congress is stablecoin legislation.
Bills related to stablecoin legislation have already passed the relevant committees in both the House and Senate, and are now waiting for floor votes in each chamber.
President Trump has also called for a stablecoin bill to arrive on his desk by August, which lawmakers working on the legislation say is a doable timeline.
Related Articles:
Best Wallet – Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
