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Home CRYPTO

President Trump Ends Controversial IRS Rule Targeting DeFi Platforms

by Drop Gorn
April 11, 2025
in CRYPTO, FINANCE, OPINION, POLITICS
Reading Time: 4 mins read
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  • Trump signs first-ever U.S. crypto bill, officially repealing the Biden-era IRS DeFi broker rule that would have forced decentralized platforms to report user tax data like traditional brokers.
  • The move drew bipartisan support and was celebrated across the crypto space as a win for innovation, privacy, and reduced regulatory burden—marking a major shift in U.S. crypto policy.
  • Markets reacted with mixed signals: While DeFi got a regulatory boost, Bitcoin dipped due to tariff uncertainty—though analysts suggest long-term conditions could still favor crypto.

In a historic first, former President Donald Trump signed a crypto-focused bill into law on Thursday—marking the first time any U.S. president has ever signed crypto legislation into official law. And yeah, it’s a big one.

The new law officially repeals a controversial IRS rule introduced during the Biden era. This rule would’ve forced DeFi platforms to act like traditional brokers—collecting and reporting all sorts of taxpayer info. Now? That rule’s gone.

Goodbye, DeFi Broker Rule

The rule in question—known unofficially as the DeFi Broker Rule—was proposed by the IRS back in 2023 under the Biden administration. It aimed to treat decentralized protocols like they were full-blown brokerage firms, complete with mountains of tax paperwork.

Critics pounced immediately. They argued it would crush innovation, erode privacy rights, and overwhelm the IRS itself during tax season. Rep. Mike Carey (R-Ohio), who was present for the signing, said repealing the rule was the right move.

“The DeFi Broker Rule needlessly hindered American innovation, infringed on the privacy of everyday Americans, and was set to overwhelm the IRS…,” Carey said in a statement. “This gives the agency a chance to focus on what it already struggles to do.”

JUST IN: 🇺🇸 President Trump has overturned the IRS's controversial rule that imposed stringent reporting requirements on DeFi platforms

The first U.S. president to sign a cryptocurrency bill into law 🚀 pic.twitter.com/BtnVoEXTB3

— BlockNews (@blocknewsdotcom) April 10, 2025

Crypto Industry Breathes a Sigh of Relief

As expected, crypto advocates didn’t hold back their excitement. Amanda Tuminelli, head of the DeFi Education Fund, called the repeal a major turning point:

“Digital asset regulatory history was made in the U.S. today,” she said. “President Trump’s signature is a critical signal change… The U.S. has embraced a sensible, forward-thinking approach to digital assets.”

The law passed with surprising bipartisan support, reflecting how many Democrats were willing to break from Biden’s legacy just months after he left office. And according to insiders, Trump’s crypto advisors—including AI and crypto czar David Sacks—were instrumental in pushing the repeal over the finish line.

Sacks previously blasted the IRS rule as a “midnight regulation” rushed through at the tail end of Biden’s presidency.

Market Moves & Bitcoin Jitters

While the news was mostly positive for DeFi and regulation clarity, Bitcoin (BTC) had a rough Thursday. The price dropped from $83,300 to around $79,500, shaving off some recent gains as markets digested the tariff drama surrounding Trump’s other big announcement.

The president also paused tariffs for 90 days—another surprise that initially sent risk assets soaring before investor nerves kicked in.

Still, Grayscale analysts believe the new tariff regime could, paradoxically, end up being good for Bitcoin in the long run. They argue it may push investors away from traditional assets and into decentralized hedges like BTC, especially if stagflation takes hold.

Bottom Line

The repeal of the DeFi Broker Rule is more than just regulatory housekeeping—it’s a watershed moment for crypto policy in the U.S. It signals that Washington might finally be shifting toward more thoughtful, crypto-friendly legislation.

It’s also proof that crypto regulation isn’t just a partisan issue anymore. And for DeFi platforms? It might just be the breathing room they desperately needed.

Tags: Amanda TuminelliBitcoinDavid SacksDeFiDonald TrumpIRSMike Carey
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