Trump signs resolution to repeal controversial “DeFi Broker Rule”

The former US president Donald Trump, who’s currently focused on trade tensions and turmoil in the US bond market, has officially signed his name to a resolution that would undo the controversial “DeFi Broker Rule.”

The former US president Donald Trump, who is currently mainly focused on trade disputes and turmoil in the US bond market, has officially signed his name to a resolution that undoes the IRS's controversial “DeFi Broker Rule”.

According to Mike Carey, a representative from Ohio and co-sponsor of the resolution alongside Texas Senator Ted Cruz, this is a milestone: “This is the first cryptocurrency legislation ever to be signed into law,” per the official press release.

The move wasn't a surprise. The White House had already voiced its support and described the measure as a “midnight rule from the last days of the previous administration,” referring to the rollout under the now-ended Biden administration.

Carey stressed in his statement: “By rolling back this misplaced rule, President Trump and Congress have given the IRS room to refocus on the duties and responsibilities owed to American taxpayers, instead of throwing up a new set of bureaucratic hurdles.”

The U.S. Senate had already voted in March to repeal the regulation, followed by the House of Representatives. Because the resolution was tied to a budget measure, it went back to the Senate again. While some Democrats backed the repeal, most support came from Republicans.

The scrapped rule would have required participants in the decentralized finance system (DeFi) to operate as traditional securities brokers: they would have to collect user data and report it to the IRS—a demand that drew strong pushback from the crypto community.

Meanwhile, the crypto market started Friday with mixed signals: Bitcoin was down, but several altcoins staged a spectacular rebound.