Trump Signs Order Overturning IRS Crypto Broker Rule

US President Donald Trump signed a law on Thursday reversing an IRS rule that expanded the broker definition to include decentralized cryptocurrency exchanges, according to a White House statement.

In the closing weeks of the Biden administration in December, the IRS updated its crypto tax reporting rule, finalized earlier in 2024, to include decentralized finance (DeFi) exchanges.

In March, both the House of Representatives and the Senate voted to overturn this revision using the Congressional Review Act, which enables Congress to nullify new federal rules with a simple majority.

The cryptocurrency industry criticized the revised rule as impractical for DeFi platforms and urged Republicans to repeal it.