Trump signs first cryptocurrency bill, abolishing the IRS's DeFi broker rules in the United States
U.S. President Trump has signed a bill to prevent the U.S. Internal Revenue Service from collecting tax data from decentralized cryptocurrency platforms, a move of historical significance. This marks the first time legislation specifically targeting cryptocurrencies has become law in the United States. The bill was proposed by Republican Senator Ted Cruz (R-TX) under the Congressional Review Act, aiming to abolish what is known as the "DeFi broker rule" by the IRS, and it passed in Senate with an overwhelming bipartisan support rate of 70-28 votes on March 26th. Just two weeks prior, a similar version led by Representative Mike Carey (Republican Ohio) also passed with a similar "supermajority". The controversial DeFi broker rule was proposed in the final days of Biden's administration and requires decentralized crypto entities such as exchanges without central management to comply with traditional IRS reporting requirements. Critics argue that this provision is overly burdensome, could stifle innovation and severely hinder development in DeFi industry. "This regulation would undermine America's leadership position in cryptocurrency field; I am grateful that President Trump signed my resolution into law," Cruz told Crypto In America at signing ceremony Thursday afternoon."This resolution represents victory for innovation, privacy and economic freedom."
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