365Crypto
President Trump just dropped the hammer on a controversial IRS rule targeting DeFi.
The rule would’ve forced DeFi platforms to report user crypto transactions to the IRS. It was supposed to kick in by 2027. That’s no longer happening.
On April 10, Trump signed a bill officially wiping the rule off the map. Ohio Rep. Mike Carey said it’s the first crypto bill to ever become law.
Why kill it?
Critics said the rule would overload the IRS and kill innovation. It also raised big privacy concerns.
Rep. Carey called the rule a nightmare for both DeFi devs and users.
He said it would’ve flooded the IRS with paperwork it couldn’t handle, especially during tax season.
Supporters weren’t thrilled
Some Democrats, like Rep. Lloyd Doggett, argued that repealing it gives rich tax dodgers a free pass.
But the bill cruised through Congress. The House passed it in March. The Senate signed off later that month.
Trump was expected to sign it. And now he has.
Crypto community celebrates
Kristin Smith from Blockchain Association said the industry “can breathe again.”
She warned the IRS rule would have crushed the U.S. crypto scene.
Her group even sued the IRS, calling the rule an illegal overreach.
Trump backs crypto
The Trump administration has taken a friendlier approach to crypto lately.
They’ve eased off harsh SEC actions and started listening to builders in the space.
Looks like the U.S. crypto industry just got a major breather.
