President Donald Trump signed a resolution to repeal a controversial crypto tax rule finalized toward the end of the Biden administration, according to a lawmaker who introduced that measure.
Trump signed the resolution on Thursday, which was expected given that the White House had signaled its support and called the measure a "midnight regulation in the final days of the previous administration."
Earlier this year, Republicans Sen. Ted Cruz of Texas and Rep. Mike Carey of Ohio introduced a joint resolution to overturn the Internal Revenue Service rule, which was completed in December. The rule set requirements for "custodial brokers" around collecting and reporting user data to the tax agency.
Carey, who said he attended the signing on Thursday, said it was the first crypto bill ever signed into law.
"By repealing this misguided rule, President Trump and Congress have given the IRS an opportunity to return its focus to the duties and obligations it already owes to American taxpayers instead of creating a new series of bureaucratic hurdles," Carey said in a statement.
The Senate voted in March to overturn the rule, followed by the House and it went back to the Senate one more time because it was tied to a budget provision. The votes did garner Democratic support, including from Senate Minority Leader Chuck Schumer, though most support stemmed from Republicans.
Trump's signature officially puts an end to the IRS' broker rulemaking, said the DeFi Education Fund's Executive Director Amanda Tuminelli in a statement.
"The DeFi Education Fund commends all members of Congress who supported this resolution, recognizing the importance of protecting software developers and promoting the development of decentralized technologies," Tuminelli said. "President Trump’s signature is a critical signal change for the crypto industry: the United States has embraced a sensible, forward-thinking approach to digital assets."
The rule would have required "decentralized finance industry participants" to operate like traditional securities brokers, mandating that they collect and report user trading data. The rule also would have obligated them to issue Form 1099 tax returns to customers, reporting non-employment income such as gambling winnings, rents and royalties.
According to the U.S. Treasury Department, the finalized rule applied to "front-end service providers" that interact "directly with customers," indicating that it targeted entities running the primary website accessing a decentralized protocol rather than the protocol itself.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
