Chaincatcher News, President Trump has signed a bill that prevents IRS from collecting tax data from decentralized cryptocurrency platforms, marking a historic decision. This means that the first time that the legislation specifically targeting cryptocurrency has become law in the United States.
The bill was presented by the Republican senator Ted Cruz (R-TX) under the Congressional Review Act, aimed at repealing the so-called “DEFI broker” of the IRS. The bill adopted the Senate on March 26 with bipartisan support over 70 with 28 votes. Two weeks earlier, a similar version led by the member of the Congress Mike Carey (R-OH) was also adopted with a similar “supermajority”. The controversial rule of the DEFI broker was proposed in the last days of the Biden administration, requiring decentralized cryptographic entities (such as exchanges without central management) to comply with the traditional IRS declaration requirements. Critics argue that this regulation is too heavy, potentially stifling innovation and seriously hinders the growth of the DEFI industry.
“These regulations would undermine America’s leadership in the cryptocurrency space, and I am grateful to President Trump to have signed my resolution,” Cruz told Crypto in America at the signature ceremony on Thursday afternoon. “This resolution is a victory for innovation, privacy and economic freedom.”
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