US President Donald Trump has signed a joint resolution of Congress rescinding a Biden administration-era rule that would have required decentralized finance protocols (DeFi) to report transactions to the IRS.
Originally scheduled to go into effect in 2027, this IRS DeFi broker rule was intended to expand existing reporting requirements to include DeFi platforms, forcing them to disclose gross proceeds from crypto-sales and information about the taxpayers involved.
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Trump rescinded the measure by signing the resolution on April 10, marking the first time a cryptocurrency-related bill became law, according to Rep. Mike Carey, who supported the bill.