Congress Puts Foot Down: Trump Signs Bill Overruling IRS on DeFi
- New Act reverses untenble IRS DeFi rule that stifled innovation, faced opposition
- Bipartisan law shows Congress reasserting authority over regulators on crypto
- Bill sends clear message favoring supportive US environment for DeFi/crypto
In the first major crypto legislative action, President Donald Trump signed on a bill repealing the controversial IRS’s Digital Assets Sale and Exchanges Rule, more commonly referred to as the DeFi Broker Rule.
Hailing the move, Congressman Mike Carey posted “HISTORY MADE,” saying the law removes an undue burden from decentralized finance.
What Was the IRS DeFi Broker Rule and Why Was It So Opposed?
This rule came from Infrastructure Act changes, expanded the definition of a “broker” to include anyone transferring digital assets for a fee. Critics argued that applying the rule to self-hosted or non-custodial wallets and decentralized protocols was impossible to comply with and clearly aimed to stifle innovation.
Opposition grew (>44k comments against the rule in 2023), spurring lawmaker support for repeal. Despite the backlash, in late 2024, the IRS under the Biden administration continued its enforcement ap…
The post Congress Puts Foot Down: Trump Signs Bill Overruling IRS on DeFi appeared first on Coin Edition.
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Trump Signs Bill Repealing IRS DeFi Broker Rule in Crypto Industry Win
Congress Puts Foot Down: Trump Signs Bill Overruling IRS on DeFi
- New Act reverses untenble IRS DeFi rule that stifled innovation, faced opposition
- Bipartisan law shows Congress reasserting authority over regulators on crypto
- Bill sends clear message favoring supportive US environment for DeFi/crypto
In the first major crypto legislative action, President Donald Trump signed on a bill repealing the controversial IRS’s Digital Assets Sale and Exchanges Rule, more commonly referred to as the DeFi Broker Rule.
Hailing the move, Congressman Mike Carey posted “HISTORY MADE,” saying the law removes an undue burden from decentralized finance.
What Was the IRS DeFi Broker Rule and Why Was It So Opposed?
This rule came from Infrastructure Act changes, expanded the definition of a “broker” to include anyone transferring digital assets for a fee. Critics argued that applying the rule to self-hosted or non-custodial wallets and decentralized protocols was impossible to comply with and clearly aimed to stifle innovation.
Opposition grew (>44k comments against the rule in 2023), spurring lawmaker support for repeal. Despite the backlash, in late 2024, the IRS under the Biden administration continued its enforcement ap…
The post Congress Puts Foot Down: Trump Signs Bill Overruling IRS on DeFi appeared first on Coin Edition.
Read More