On the morning of April 10, U.S. President Donald Trump signed a bill nullifying the Internal Revenue Service (IRS)’s revised rule that classified decentralized finance (DeFi) platforms as brokers and required them to comply with tax reporting obligations. The legislation overturns a regulation introduced in late 2024 under the Biden administration, following strong opposition from the industry, which argued that DeFi platforms—by design—do not collect user information and therefore cannot realistically comply with such requirements.
The bill passed both the House and Senate before being signed into law by President Trump. Since taking office, Trump has consistently demonstrated strong support for the cryptocurrency industry, pushing forward various initiatives such as the establishment of a national crypto working group and the mandate for federal Bitcoin reserves to accelerate digital asset adoption.
Commenting on the development, a spokesperson for global cryptocurrency exchange BlockFin stated, “This decision reflects the technical characteristics and operational realities of DeFi, and it sends a positive signal for the industry’s sustainable growth. We also expect similar discussions to follow in the global regulatory environment going forward.”
The bill’s passage has reignited debate over regulatory clarity across the cryptocurrency sector. In particular, it has highlighted the growing divide between government agencies and the industry over how suitable existing financial regulatory frameworks are for decentralized platforms. This move may prompt other countries to explore similar legislative paths, further underscoring the need for globally coordinated digital asset regulations.
DeFi platforms, which operate without centralized intermediaries and enable direct peer-to-peer transactions via blockchain networks, are fundamentally structured to avoid collecting user data—making it inherently difficult to apply traditional tax reporting rules.
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