President Trump just made history by signing a bill to repeal the Biden-era “DeFi Crypto Broker Rule.”

The Senate had passed the bill to repeal the law, which would have forced cryptocurrency platforms to report customer earnings, by a wide bipartisan vote of 70-28.

This marks the first time a U.S. president has ever signed a cryptocurrency bill into law.

Take a look:

President Donald J. Trump has officially signed the bill to repeal the “DeFi Crypto Broker Rule.”

It is the first cryptocurrency bill ever signed into law by a president. pic.twitter.com/VYIwJ4hfvt

— Rapid Response 47 (@RapidResponse47) April 11, 2025

Trump just signed the FIRST-EVER crypto bill, officially repealing the DeFi Crypto Broker Rule, safeguarding privacy and ending more Biden-era needless crypto scrutiny pic.twitter.com/tA95UmOh8z

— Eric Daugherty (@EricLDaugh) April 11, 2025

So, what exactly does this bill do?

Specifically, it repeals a rule from the IRS that classified DeFi (decentralized finance) platforms as brokers, therefore forcing cryptocurrency exchanges to report their users’ gross sales of digital assets to the IRS.

The bill that President Trump just signed into law reverses that rule, therefore lifting the tax reporting requirements and boosting privacy.

Per Reuters:

U.S. President Donald Trump on Thursday signed into law a bill to overturn a revised rule from the Internal Revenue Service that expanded the definition of a broker to include decentralized cryptocurrency exchanges, according to a statement from the White House.

In the last weeks of the Biden administration in December, the IRS updated its crypto tax reporting rule that it had finalized earlier in 2024 to clarify that its new guidelines would also apply to decentralized finance – or DeFi – exchanges.

President Donald Trump signed legislation to block an Internal Revenue Service rule that would have forced some cryptocurrency brokers to provide tax information on transactions conducted on their platforms, delivering another victory to the digital asset industry he has vowed to champion in office.

The IRS reporting rule — not yet in force — was due to take effect in 2026, but it had already sparked furious opposition from the crypto industry. The regulation required certain decentralized exchanges to report their customers’ gross sales of digital assets to the IRS.

This is a Guest Post from our friends over at WLTReport.

View the original article here.