Trump Repeals IRS DeFi Reporting Rule
In a groundbreaking shift for U.S. crypto policy, President Donald Trump has officially repealed the controversial IRS DeFi broker rule, a bold stride toward less government oversight in the digital asset space.
Legislative Milestone at the White House
On Thursday, President Trump signed H.J.Res.25 into law at the White House, nullifying a regulatory measure issued during the final stages of the Biden administration. The original IRS rule would have forced decentralized finance (DeFi) platforms—including wallet providers, non-custodial protocols, and others without access to user data—to report user tax information under standards designed for traditional financial brokers.
Huge Moment! First crypto legislation ever signed into law.
— Bo Hines (@BoHines) April 10, 2025
Repealing the IRS’s DeFi broker rule protects innovation and privacy—another big step toward ushering in a golden age for digital assets.
Grateful to @POTUS, @tedcruz, and @RepMikeCarey for their leadership! https://t.co/lkdxbtJfnR
What Was Repealed and Why It Mattered
The now-repealed IRS regulation introduced Form 1099-DA, intended to be submitted by digital asset brokers to both the IRS and the asset holders, as part of the crypto tax enforcement provisions in the 2021 Infrastructure Investment and Jobs Act.
Under this framework, even DeFi platforms without custodial control or direct user insight would have been forced to comply, raising widespread criticism over technical feasibility and privacy concerns.
Key Impact: This repeal removes the IRS's authority to treat DeFi operators like traditional brokers, shielding them from reporting duties that many called “unworkable and invasive.”
