President Donald Trump has signed legislation overturning an IRS rule that would have required decentralized finance (DeFi) platforms to report crypto transactions and collect customer data. This announcement came from a press release by Rep. Mike Carey, who introduced the bill with Sen. Ted Cruz last December.
According to the release, “This is the first cryptocurrency bill ever signed into law and marks the first tax-related Congressional Review Act of Disapproval (CRA) enacted.”
Rep. Carey stated, “The DeFi Broker Rule unnecessarily hindered American innovation, infringed on privacy, and threatened to overwhelm the IRS with new filings beyond its capacity during tax season.
By repealing this rule, President Trump and Congress have allowed the IRS to focus on its existing obligations to taxpayers rather than imposing new bureaucratic challenges. I thank President Trump for signing this important bill and Crypto Czar Sacks for supporting America’s leadership in the crypto industry.”
