Trump Poised To Axe IRS DeFi Broker Rule After Senate Passes Resolution, Sparking Crypto Community Celebrations
A resolution to dismantle a controversial Biden-era DeFi broker rule is heading to President Donald Trump’s desk for the axe following Senate approval. The vote, which passed with a 70-28 majority, marks a significant step toward reducing Internal Revenues Service (IRS) oversight on decentralized platforms. The DeFi broker rule required decentralized finance platforms to report crypto sales and disclose transaction details, including user information. Proponents argued it would enhance transparency, but critics warned it could stifle innovation and impose burdensome compliance costs on Web3 platforms. Senate Approval To Kill DeFi Broker Rule Was Expected The DeFi broker rule required decentralized platforms to file their gross proceeds from crypto sales as well as include information of the users involved in each of the transactions. Critics of the DeFi broker rule claimed that it would hit decentralized platforms with too onerous rules and reporting requirements, and sub...