Trump signs first Crypto Assets bill, abolishing IRS DeFi broker rules.

[Trump Signs First Crypto Assets Bill, Repeals IRS DeFi Broker Rules] U.S. President Trump has signed a bill that prevents the IRS from collecting tax data from decentralized crypto assets platforms, a historic move. This marks the first time legislation specifically targeting crypto assets has become law in the United States. The bill was introduced by Republican Senator Ted Cruz (R-TX) under the Congressional Review Act, aiming to repeal the IRS’s so-called “DeFi broker rule.” The bill passed the Senate on March 26 with an overwhelming bipartisan support of 70-28 votes. Just two weeks ago, a similar version led by Representative Mike Carey (Republican from Ohio) also passed with a similar “super majority.” The controversial DeFi broker rules, introduced in the final days of the Biden administration, require decentralized crypto entities, such as exchanges that do not have a central authority, to comply with traditional IRS reporting requirements. Critics argue that this rule is too onerous, threatens to stifle innovation, and can seriously hinder the growth of the DeFi industry. “This regulation will undermine the United States’ leadership in the Crypto Assets sector, and I am very grateful to President Trump for signing my resolution into law,” Cruz, who attended the signing ceremony on Thursday afternoon, told Crypto In America. “This resolution is a victory for innovation, privacy, and economic freedom.”