On April 10, 2025, President Donald Trump signed a bill into law that repealed an IRS rule expanding the definition of a "crypto broker" to include decentralized finance (DeFi) platforms. The rule, finalized in 2024 under the Biden administration, required DeFi exchanges to report detailed user transaction data for tax purposes starting in 2027, a mandate critics called unfeasible due to DeFi’s intermediary-free, blockchain-based structure. Stemming from the 2021 Infrastructure Investment and Jobs Act, the rule sparked backlash for threatening innovation, privacy, and burdening the IRS with impractical filings.
The repeal, passed via the Congressional Review Act as H.J.Res.25, was led by Representative Mike Carey and Senator Ted Cruz. It garnered strong bipartisan support, passing the House 292-132 on March 11 and the Senate 70-28 on March 26. The crypto industry, including groups like the Blockchain Association, celebrated the move as a major victory for DeFi, preventing stifling regulations.

While some Democrats warned of potential tax evasion risks, the repeal aligned with Trump’s pro-crypto stance, boosting industry confidence and signaling a deregulatory shift. This marked the first U.S. crypto legislation ever signed into law, potentially setting the stage for future policy advancements.