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Washington D.C, VIVA – The U.S. President Donald Trump has officially signed the first-ever law specifically regulating the digital asset industry.
In this historic decision, Trump repealed a tax rule from the Internal Revenue Service (IRS) that has long been viewed as burdensome to the decentralized finance (DeFi) ecosystem.
The move is seen as a major victory for the crypto industry, which has long demanded clearer and fairer regulations.
The law stems from Congressional Resolution H.J. Res.25, introduced by Representative Mike Carey (Republican, Ohio) and Senator Ted Cruz (Republican, Texas).
According to Coinfomania on Saturday (Apr 12), the resolution aims to revoke an IRS rule that expanded the definition of "broker" to include DeFi platforms and non-custodial crypto services.
The IRS rule in question had just been passed in late 2024 under the administration of Joe Biden.
It required DeFi platforms, crypto wallet providers, and blockchain protocol interfaces to report user transaction data to the IRS via Form 1099.
Many industry players criticized the regulation, saying it was inappropriate because most of these services do not hold customer funds or have access to the data required for reporting.
According to Mike Carey, the rule stifled innovation and created confusion within the industry.
He stated that the IRS should focus on its core responsibilities, not expand its power with burdensome new rules.
This resolution also marks the first time in U.S. history that the Congressional Review Act has been used to overturn a tax-related regulation.
The resolution received strong bipartisan support in Congress. It was approved by the Senate on March 4, by the House of Representatives on March 11, and went back to the Senate for another vote on March 26 due to budgetary matters.
Presiden AS Donald Trump usai menandatangani perintah eksekutif, Rabu, 9/4
It was then officially signed into law by President Trump.
This change reflects a broader shift in the U.S. government's stance on the crypto industry.
The SEC, under interim chairman Mark Uyeda, has dropped several lawsuits against major companies like Coinbase, Gemini, and Kraken.
Additionally, on April 8, the Department of Justice disbanded its National Cryptocurrency Enforcement Team, admitting flaws in its previous approach.
Former SEC commissioner and crypto advocate Paul Atkins is set to replace Uyeda as the new SEC chairman.
Many hope these changes will lead to more balanced regulation that supports innovation and growth in the digital asset sector.
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Many industry players criticized the regulation, saying it was inappropriate because most of these services do not hold customer funds or have access to the data required for reporting.
