Trump Axes IRS DeFi Rule: A Game-Changer for Crypto!

President's Pen Strikes Down Biden's Last-Minute Regulation

In a move that's shaking up the crypto world, President Donald Trump just signed off on a bill that nukes the IRS DeFi Broker Rule set by the Biden crew. Boom!

Rep. Mike Carey (R-Ohio) and Sen. Ted Cruz (R-Texas) were the masterminds behind this bill, and they're calling it a massive win for the crypto industry. This isn't just any bill; it's the first crypto bill ever to become law, and it's the first tax-related Congressional Review Act of Disapproval to get the presidential stamp.

So, what's the deal with this rule? It was slapped together at the end of 2024 and tried to rope in DeFi platforms, wallet providers, and front-end protocol interfaces as "brokers." They would've had to snoop on users and report all their crypto moves using Form 1099. Talk about a buzzkill!

“This is the first cryptocurrency bill ever signed into law and the first tax-related Congressional Review Act of Disapproval signed into law,” Rep. Carey declared. He didn't hold back, saying the rule was a total drag on American innovation and would've buried the IRS in a mountain of compliance crap they couldn't handle.

“By repealing this misguided rule, President Trump and Congress have given the IRS an opportunity to return its focus to the duties and obligations it already owes to American taxpayers instead of creating a new series of bureaucratic hurdles.”

— Mike Carey, Ohio Congressman

The bill, known as H.J.Res.25, breezed through the Senate on Mar. 4, 2025, and the House on Mar. 11. Because it's all about the budget, it needed one more Senate vote on Mar. 26 before hitting Trump's desk. With his signature, the rule is toast and can't come back without Congress giving the green light under the CRA.

The White House was already cheering for this resolution, calling the rule a "midnight regulation" that the Biden team snuck in at the last second. This signing is part of a bigger shake-up in Washington. The SEC, now led by acting chair Mark Uyeda, has been dropping lawsuits left and right against big names like Coinbase, Gemini, and Kraken.

And hold onto your hats—the Department of Justice just pulled the plug on its National Cryptocurrency Enforcement Team on Apr. 8, saying they messed up their strategy. In another huge twist, Paul Atkins, a long-time SEC commissioner and crypto cheerleader, is about to take the helm as the new SEC chair after getting the Senate's nod.

With Atkins at the wheel, the crypto world is buzzing with excitement, expecting the SEC to chill on the enforcement and start fostering a more crypto-friendly vibe.