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The IRS DeFi broker rules have now been officially repealed.
On April 11, U.S. President Trump signed a bill that officially repeals the IRS DeFi crypto assets broker rule, marking the first cryptocurrency bill to become law signed by a president. Previously, the 2024 rule classified DeFi platforms as brokers, meaning they had to submit 1099 IRS forms for their users. Trump stated that the rule “hindered innovation in the U.S.” and “violated the privacy of ordinary Americans.”