Trump Signs Bill Overturning Expanded IRS Crypto Broker Rule

The Biden-era rule would have drastically expanded tax reporting requirements for digital asset transactions.

President Donald Trump holds a signed executive order on cryptocurrencies in the Oval Office of the White House in Washington on Jan. 23, 2025. REUTERS/Kevin Lamarque

President Donald Trump on Thursday signed into law a resolution overturning a Biden-era rule from the IRS that expanded the definition of a broker to include decentralized cryptocurrency exchanges.

Rep. Mike Carey (R-Ohio) introduced the Congressional Review Act disapproval resolution that repealed the IRS Digital Assets Sale and Exchanges Rule, also known as the “DeFi Broker Rule.”