Trump Overturns IRS Cryptocurrency Reporting Mandate

President Donald Trump has signed a bill repealing a controversial rule requiring cryptocurrency brokers to report user transaction details to the IRS. The rule, which was finalized during the final days of the Biden administration, would have forced brokers like exchanges and wallet providers to issue 1099 forms for non-employment income and track digital asset transactions. Critics argued this regulation was overly burdensome, particularly for decentralized platforms and smaller entities with limited compliance resources.