US President Donald Trump has signed into the first cryptocurrency law a bill that prevents the IRS from enforcing controversial tax reporting rules on decentralized finance (DeFi) platforms.
A first-of-its-kind crypto law, the decision has become a watershed moment for the crypto industry and also cements Donald Trump’s support.
Donald Trump’s Crypto Bill Repeals DeFi Broker Rule
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! https://t.co/lkdxbtJfnR
— Bo Hines (@BoHines) April 10, 2025
The law annuls “DeFi broker rule,” which was introduced under former President Joe Biden’s administration. The DeFi broker rule required decentralized firms to collect and report user data to the IRS. Critics of the law pointed out the rule’s stark contrast to the inherent decentralized nature of the crypto industry and said it posed serious risks to privacy, innovation, and the fundamental architecture of DeFi.
Led by Senator Ted Cruz (R-TX) in the Senate and Congressman Mike Carey (R-OH) in the House, the bill gained strong bipartisan traction, passing both chambers with overwhelming majorities. The Senate approved it 70–28 on March 26, just two weeks after the House cleared a similar version.
“This is a huge win for privacy and innovation,” said Bo Hines, Executive Director of the White House Crypto Council. “By reversing the IRS’s overreach, we’re taking another step toward a thriving digital asset ecosystem.”
Senator Cruz, who was present at the signing, hailed the moment as a triumph for American technological leadership. “We’re protecting developers, safeguarding user freedom, and sending a clear message that the US will not surrender its digital edge to countries like China.”
Amanda Tuminelli, CEO of the DeFi Education Fund expressed his views on the move, stating that the bipartisan action shows the US is committed to innovation and user choice in financial systems.
The turmoil in the overall market sentiment since Donald Trump’s tariff announcement is slowly on the path to recovery. The Crypto Bill only goes on to cement the growing acceptance and regulatory clarity for the industry.
Also Read: Crypto Czar David Sacks Endorses Rollback of IRS Broker DeFi Rule
