"Decentralized Finance Major Victory" Trump Signs Bill to Repeal IRS "DeFi Broker Rules," Overwhelming Support from Both Houses of Congress

Trump officially signed into law the broker rule repealing the IRS's tax reporting obligations on DeFi platforms. The bill, which previously received overwhelming bipartisan support from both houses, symbolizes a friendly regulatory attitude in the United States and is also regarded as an important turning point in promoting digital asset innovation. (Synopsis: Repeal of the IRS's "DeFi Broker Rules" has been sent to Trump for signature into law, a big victory for the crypto industry) (Background supplement: DeFi major victory, the U.S. House of Representatives voted to "repeal the IRS DeFi broker rules") The attitude of the United States towards the crypto industry is undergoing a key turn. President Trump officially signed a bill today to overturn the controversial IRS "DeFi broker rules" introduced at the end of the Biden administration. This move not only symbolizes the first time that a legally enforceable crypto law has appeared at the federal level, but is also regarded as an important turning point in promoting digital asset innovation. The first crypto law came into effect The bill was introduced by Republican Senator Ted Cruz in Congress under the Congressional Review Act (CRA) and quickly won overwhelming bipartisan support in both chambers: the Senate passed by a vote of 70 to 28, and the House of Representatives passed by a supermajority of 292 votes to 132. The bill aims to repeal the IRS's requirement that DeFi platforms report users' trading data according to traditional broker standards. This rule, originally approved by the Ministry of Finance at the end of 2024, stipulates that from 2027, if front-end platforms interact directly with DeFi protocol users, they must collect and report transaction information and issue 1099 tax forms to users, which is equivalent to incorporating decentralized platforms into the traditional financial system, causing a strong backlash from the industry. Critics argue that the license is too cumbersome, has the potential to stifle innovation, invades user privacy, and will seriously hinder the development of the DeFi space. Read more: Repeal of the IRS's "DeFi Broker Rules" Sent to Trump for Signature into Law, A Big Win for the Crypto Industry Regulatory Withdrawal Protects Privacy and Innovation Amanda Tuminelli, CEO of the DeFi Education Foundation, affirmed the legislative outcome, noting that the bipartisan action underscores America's commitment to promoting innovation and ensuring that Americans retain the freedom to choose how they transact. He said: "President Trump's signing is a key turning point signal for the crypto industry: the United States has embraced a rational, forward-looking digital asset development path. Bo Hines, executive director of Trump's Digital Asset Advisory Board, said in X that this is an important milestone in "protecting privacy and innovation" and is another big step towards the golden age of digital assets. Huge Moment! First crypto legislation ever signed into law. Repealing the IRS’s DeFi broker rule protects innovation and privacy—another big step toward ushering in a golden age for digital assets. Grateful to @POTUS, @tedcruz, and @RepMikeCarey for their leadership! — Bo Hines (@BoHines) April 10, 2025 Policy reversal strengthens digital asset leadership Senator Ted Cruz added that allowing the rule to hit the road would "weaken the U.S. global leadership in digital assets." I thank President Trump for signing my resolution into law, which is a victory for innovation, privacy, and economic freedom. We're protecting the developers who are building the future of cryptocurrency, making it clear that the U.S. will not cede digital leadership to China, and protecting the ability of the American people to transact without government interference. The move is signaling a policy turn, along with the recent statement by the U.S. Department of Justice that DeFi software developers will no longer be held accountable. From the previous Biden administration's harsh treatment of Tornado Cash developers to the current emphasis on protecting the freedom of developers and platform operations, the tone of US regulation is gradually tilting towards "technology neutrality" and "development orientation". Read more: U.S. Treasury removes Mitter Tornado Cash sanctions: Digital assets offer value creation opportunities, TRN soars 74%! This move also symbolizes that the Trump administration will use crypto policy as a national strategy and industrial competition tool, get rid of the past framework that focuses on anti-money laundering and financial monitoring, and instead support local Web3 construction. Related reports The U.S. Senate voted to "repeal the DeFi broker rule", Trump supports decentralized finance Alpha Nuggets" Maple takes Bitwise into DeFi "TVL increases by 200 million magnesium per month", Syrup stablecoin annualized by 15% Delphi Research" Ten changes in the DeFi field in 2025 "DeFi Major Victory" Trump signed the repeal of the IRS "DeFi broker rules", The Senate and House of Representatives received overwhelming support〉This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".