Business

Donald Trump Officially Ends Controversial IRS DeFi Rule

President Donald Trump has signed a landmark crypto bill into law, repealing a Biden-era IRS rule that would have forced DeFi platforms to report taxpayer data like traditional brokers.

Haider Jamal
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.”

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.