April 11, 2025
Rare Bipartisan Support
The bill marks not only Trump’s first crypto-related law, but also the first such legislation ever signed by a U.S. President.
The overturned IRS rule, introduced in 2023, faced strong opposition from both industry leaders and lawmakers who argued it threatened innovation, privacy, and placed an unmanageable burden on DeFi platforms.
Source: X (@MTCoppel)
Rep. Mike Carey (R-Ohio), who attended the signing, said the rule would have overwhelmed the IRS and hurt everyday Americans. The repeal gained rare bipartisan support in Congress.
Innovation-Friendly
The Trump administration backed the move last month, with White House crypto advisor David Sacks calling the regulation a “midnight” move by Biden that stifled innovation and raised privacy concerns.
“Digital asset policy history was made today,” said Amanda Tuminelli of the DeFi Education Fund. “Trump’s signature signals a smarter, more innovation-friendly approach to crypto.”
