Donald Trump Signs Bill Repealing Controversial IRS Crypto Rule
The U.S. president signed a bill to overturn a disputed tax reporting requirement for crypto companies—a move aimed at supporting innovation and the tech sector.
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Donald Trump has signed a bill to overturn an IRS rule requiring crypto companies, including decentralized finance platforms, to collect and report transaction data to tax authorities, just like traditional brokers.
The bill became the first crypto-related legislation in the U.S. to gain broad support from both chambers of Congress, with strong backing from Representative Mike Carey and Senator Ted Cruz. They consistently advocated for the bill and publicly explained why IRS regulations like this one slow down the crypto industry's growth and limit developers' freedom to innovate.
The resolution is a victory for innovation, privacy, and economic freedom. We are protecting the developers who are building the future of cryptocurrency, making clear that the United States will not cede digital leadership to China, and preserving the ability of Americans to conduct transactions without government interference,
Cruz said.
The IRS introduced the rule two years ago, and it immediately faced heavy criticism from the crypto community. Opponents submitted over 44,000 public comments, voicing concerns about unnecessary burdens on the tax system and obstacles to technological progress. Meanwhile, supporters of the rule pointed to the risks of money laundering through digital assets.
Crypto Community Reaction to the Signing
Most members of the crypto industry, including representatives from the Blockchain Association, responded positively to the signing of the bill. They emphasized that it gives developers more freedom and reduces regulatory pressure. Moreover, the new law strengthens the U.S. position as a leader in the crypto space and signals a shift from strict oversight toward greater support for tech innovation.
In addition, lifting the rule could accelerate the development of new technologies in the financial sector and draw more investment into the space. Officials from the president’s administration emphasized that this decision is part of a broader strategy to launch a “golden age” of digital assets, where innovation plays a key role in driving the nation’s economic progress.
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