Trump signs first Crypto Assets bill, abolishing IRS DeFi broker rules.

[Trump Signs First Crypto Assets Bill, Repealing IRS DeFi Broker Rules] U.S. President Trump has signed a bill that prevents the IRS from collecting tax data from decentralized crypto assets platforms, marking a historic move. This signifies that legislation specifically targeting crypto assets has become law in the United States for the first time. The bill was introduced by Republican Senator Ted Cruz (R-TX) under the Congressional Review Act, aiming to repeal the IRS’s so-called “DeFi broker rule.” The bill passed the Senate on March 26 with an overwhelming bipartisan support of 70-28 votes. Just two weeks earlier, a similar version led by Congressman Mike Carey (Republican from Ohio) also passed with a similar “supermajority.” The controversial DeFi broker rules were proposed in the final days of the Biden administration, requiring decentralized crypto entities (such as exchanges without a central governing body) to comply with traditional IRS reporting requirements. Critics argue that the regulation is overly burdensome, has the potential to stifle innovation, and could severely hinder the development of the DeFi industry. “This regulation will undermine the United States’ leadership in the Crypto Assets field, and I am very grateful to President Trump for signing my resolution into law,” Cruz, who attended the signing ceremony on Thursday afternoon, told Crypto In America. “This resolution is a victory for innovation, privacy, and economic freedom.”