Trump becomes the first leader to pass a crypto bill that would end the anti-defi IRS law.

On Thursday, President Donald Trump officially repealed a Biden-era IRS law that required decentralized financing platforms to gather and report the same kind of taxpayer data as traditional agents. By signing his first crypto-related bill into law, Trump officially repealed the rule. &nbsp,

The act is also the first crypto-related bill signed by U.S. president, not just the first one signed by Trump. &nbsp,

The Biden administration’s infamous DeFi agent principle, which was first proposed by the IRS in 2023, is overturned by the resolution.

Rep. Mike Carey (R-Ohio ), who was present at the signing ceremony, claimed that the IRS now has the opportunity to “return its focus to the duties and obligations it already owes to American taxpayers.”

The DeFi Broker Rule, he said in a speech, “infringed on the protection of regular Americans, and it was set to overtake the IRS with an overflow of fresh filings that it doesn’t have the facilities to control during income season.”

In the House and Senate last month, the reform received significant bipartisan support, which is a remarkable outcome that highlights how many Democrats are willing to directly criticize former party leaders ‘ decisions soon after they leave the White House.

As soon as the IRS law was made public, industry officials voiced opposition, claiming DeFi would be destroyed in the US.

Decentralized finance protocols, which operate on automatic code, appeared to be incapable of meeting strict tax reporting standards designed for traditional brokers, according to these critics. &nbsp,

The IRS, however, instituted the law in the final time of Biden’s lame duck president, enraging business leaders and pro-crypto lawmakers everywhere.

White House AI and crypto king David Sacks criticized the IRS DeFi law as a “midnight rules” of the Biden time past month, with the Trump presidency backing the measure.

He claimed at the time that the rule would” stifle American innovation and raise privacy concerns about the sharing of taxpayers ‘ personal information” and “would impose an unprecedented burden on American DeFi companies.”

Crypto policy experts praised Trump’s filing of the solution that would end the principle as a significant step in the direction of the industry on Thursday.

In a speech shared with , Amanda Tuminelli, Executive Director of the DeFi Education Fund, stated that “digital property regulation story was made in the United States today.”

The signing of President Trump represents a significant change for the crypto market because it demonstrates how the United States has adopted a prudent, forward-thinking approach to online resources, it continued.

edited by Andrew Hayward