President Donald Trump has signed into law a bill repealing the IRS Digital Assets Sale and Exchanges Rule, widely known as the “DeFi Broker Rule.” According to an official statement from U.S. Representative Mike Carey, a signing ceremony was held on April 10, 2025, at which he claims to have been present.
Trump Signs the DeFi Broker Rule Repeal
Commenting on the signing event by Trump, which marked the enactment of the first-ever crypto bill, Carey condemned the rule, stating that it would have needlessly stifled American innovation. He also added that it could overwhelm the Internal Revenue Service (IRS) with an unmanageable volume of new filings.
Carey also explained that the rule would have forced DeFi service providers, including non-custodial wallet developers, to submit detailed information reports to the IRS. Critics have argued that the requirement extends far beyond the intent of the Infrastructure Investment and Jobs Act’s directives regarding crypto exchanges.
The legislator further argued that such reporting obligations infringed on the privacy of everyday Americans while diverting the IRS’s attention from its primary duties and would create “a new series of bureaucratic hurdles.” Notably, with bipartisan backing behind the repeal, the bill advanced quickly through the legislative process.
Recall that the bill passed out of the House Ways and Means Committee on February 25, 2025, and received broad support in the full House on March 11. The bill’s transition to law with Trump’s backing marks a landmark victory for advocates of crypto and blockchain innovation.
Meanwhile, some Democrats argued that the repeal could create vulnerabilities in tax compliance, suggesting a potential loss of up to $4 billion in revenues over the next decade. Nonetheless, the crypto community is excited about the recent bill signing by the president and expects other crypto-related bills to gain approval.
Other Crypto Bills Under Consideration
In Oklahoma, lawmakers are advancing a bill to integrate Bitcoin into the state’s financial strategy through the proposed Strategic Bitcoin Reserve Act (HB 1203). Similarly, Georgia state legislators have taken an even more aggressive stance with their second Bitcoin reserve bill (SB 228), proposing an unlimited BTC investment for the state treasury.
At the federal level, the U.S. Agency Stablecoin Bill aims to establish a comprehensive regulatory framework for dollar-pegged digital tokens used in transactions. Advocates argue that such regulatory clarity would boost confidence in digital assets while preserving the U.S. dollar’s dominance. Market participants are optimistic about the new wave of regulatory changes brought by the Trump administration.
