Trump Lifts IRS Crypto Broker Rule: Industry Rejoices

President Trump signed legislation repealing the controversial IRS rule targeting crypto platforms, a move that signals a significant shift in regulatory approach for decentralized finance (DeFi) and cryptocurrency exchanges. The repeal, backed by bipartisan support from both the House and Senate, removes the requirement for custodial brokers to report user data and issue Form 1099s for non-employment income like royalties and winnings under the Biden administration’s regulations. Rep. Mike Carey played a key role in leading this effort, highlighting the potential for economic harm by creating unnecessary bureaucratic burdens on the industry.