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President Donald Trump has just signed legislation to repeal the IRS regulations requiring DeFi platforms to report cryptocurrency transactions and collect customer information, according to a statement from Congressman Mike Carey.
The HJRes.25 measure aims to nullify the IRS regulations under Biden, which expanded the definition of 'broker' to include DeFi platforms and required them to report revenue from cryptocurrency transactions along with user information.
The resolution enacted renders the IRS regulations ineffective, abolishing the requirement for DeFi platforms to report revenue on Form 1099. This move has been welcomed by the cryptocurrency industry as it reduces compliance burdens and fosters innovation.
This measure was passed by the Senate on March 4 and subsequently approved by the House of Representatives. Due to budgetary concerns, an additional final vote in the Senate was needed, which took place on March 26, to officially repeal the controversial cryptocurrency tax regulation.
According to the Congressional Review Act, the IRS cannot reissue similar regulations without new approval from Congress. Trump's signature reflects his pro-cryptocurrency stance and opposition to regulation, aligning with his 2024 campaign. The White House also supports the resolution, arguing that the old regulations harm innovation, privacy, and create a burden on DeFi companies.