Trump is preparing to sign the cryptocurrency decision passed by Congress.

It has been reported that U.S. President Donald Trump will soon sign and legalize the decision to cancel the DeFi broker rule passed by Congress in the past weeks.

According to Fox News reporter Eleanor Terrett, Senator Ted Cruz, who presented the decision to the Senate, will also be present at the signing ceremony.

The bill that exempts DeFi protocols from the tax reporting requirements of the IRS was passed by an overwhelming majority in the Senate two weeks ago. If the bill is signed by Trump, it will be recorded as the first crypto-focused regulation enacted by a U.S. president.

What will the repeal of the DeFi rule provide?

The rule had emerged as a regulation that contradicted the nature of decentralized finance. The content of the rule mandated the reporting of customer information, encompassing almost everyone who acted as an intermediary in crypto transactions. This approach had been deemed excessively intrusive and unfeasible by industry professionals. Particularly, the obligations imposed on DeFi protocols were technically impossible to implement and raised legal uncertainties. It had been argued that the implementation of the rule in this form would stifle innovation, undermine user privacy, and undermine the competitive position of the U.S.

Therefore, the repeal of the rule will remove the excessive obligations that are intended to be imposed, preserve the principles of decentralization, and prevent the comprehensive collection of users' identity information.

Published: April 10, 2025 23:45