Trump Signs Resolution To Nullify DeFi Broker Rule In The US Senate’s First Pro-Crypto Move
US President Donald Trump has rescinded a rule that would have required decentralized finance (DeFi) protocols to report all transactions to the Internal Revenue Service (IRS), often referred to as the DeFi broker rule. Trump formally killed the rule by signing a resolution on April 10, marking the first time a pro-crypto measure has cleared the US Senate. DeFi Broker Rule Resolution Quickly Found Its Way To Congress The rule was introduced by the Biden administration during the final days of the former President’s occupancy at the White House. It was scheduled to come into effect in 2027, and would have expanded the tax authority’s existing reporting requirements to include DeFi platforms. The resolution to kill the bill quickly made its way into Congress. It was passed out of the House Ways and Means Committee on Feb. 25, with the House passing the resolution on March 11. Representative Mike Carey, who backed the bill to scrap the DeFi broker rule, said ...