IRS DeFi Rule Gets Axed—What It Means For Crypto Investors
The post IRS DeFi Rule Gets Axed—What It Means For Crypto Investors appeared on BitcoinEthereumNews.com.
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Decentralized finance (DeFi) protocols might no longer report to American tax authorities after the US Senate repealed the IRS “broker” rule. Many analysts believe that US President Donald Trump will issue a resolution in the upcoming weeks adopting the Senate’s legislative action and overturning the Biden-era policy on DeFi protocols. Pro-DeFi Resolution Coming Soon? Analysts suggest that Trump will be signing a resolution that would undo the rule implemented during the Biden administration that requires DeFi protocols to report to the US Internal Revenue Service (IRS). It is a move seen by many market observers that will greatly benefit DeFi protocols and their users, repealing a policy that crypto players claimed was “unworkable.” According to crypto analysts, the upcoming Trump resolution would signal a potential shift in the government’s stance on dealing with DeFi, which brings excitement to traders. The following statement is attributed to Blockchain Association CEO @KMSmithDC following today’s second Senate vote to roll back the DeFi broker rule: pic.twitter.com/S632l8sFAb — Blockchain Association (@BlockchainAssn) March 27, 2025 Senate’s Majority Decision The US Senate announced that the majority of the American senators agreed to pass legislation that revokes the IRS DeFi broker rule. On March 26, lawmakers in the US Senate voted 70-28 to pass a motion that will overturn the Biden rule on DeFi. With the passage of this landmark legislation, DeFi will no longer comply with the IRS reporting requirements. 1/🚨 New “Broker” CRA Milestone 🚨 With *another* bipartisan super majority of 70 Senators, Congress has repealed the IRS “broker” rule requiring DeFi front-ends to KYC users – ultimately reaffirming that Americans should have the freedom to decide how they transact. pic.twitter.com/AOZttE9Sio — DeFi Education Fund (@fund_defi) March 27, 2025 “With *another* bipartisan super…
Filed under: News - @ March 29, 2025 12:19 pm