Donald Trump became the first U.S. president to sign a crypto bill into law late Thursday, eradicating a Biden-era IRS rule that would’ve required DeFi platforms to collect the same kind of customer data as traditional brokers.
The so-called DeFi broker rule was proposed in 2023, and swiftly opposed by crypto builders as onerous and likely to kill DeFi in the United States. However, the IRS went ahead and implemented it in the final days of last year as Biden was nearing his exit. Now it has been formally axed.
“By repealing the IRS’s misguided DeFi broker rule, the administration has ensured that developers and decentralized platforms won’t be subjected to unworkable reporting requirements that threaten privacy and push innovation offshore,” said Bo Hines, executive director of the President’s Working Group on Digital Assets, in a statement shared with Decrypt.
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