Trump Revokes IRS Crypto Tax Rule in Legislative Shift

2 mins mins

Key Points:

US President Trump revokes IRS crypto tax rule, impacting DeFi innovation.
Resolution signals a shift in US crypto regulatory approach.
Bipartisan support underscores the privacy and growth priorities.

President Donald Trump has signed a resolution rescinding IRS crypto tax rules enacted during Biden’s administration.

The repeal promotes privacy and innovation, gaining bipartisan support amid regulatory changes.

IRS Rule Repeal Sparks Significant DeFi Changes

The resolution to overturn the IRS’s “DeFi Broker Rule” was introduced by Senator Ted Cruz and Congressman Mike Carey. President Trump’s signature marks the first crypto-specific legislation signed into law in the US.

Changes include the removal of reporting requirements for custodial brokers, potentially reducing compliance burdens on US-based DeFi projects. The goal is to foster innovation in the crypto sector and enhance privacy measures.

The move received strong industry backing, notably from the DeFi Education Fund and Uniswap. “The Biden administration’s rule attempts to drive American cryptocurrency innovation overseas. These regulations undermine the purpose of DeFi technology,” noted Cruz.

Uniswap Price and Developer Movement to US

Did you know? This resolution is the first instance where the Congressional Review Act has been applied to repeal a crypto-specific tax regulation in the United States.

Uniswap (UNI) is trading at $5.01, with a market cap of 3.15 billion, according to CoinMarketCap. It represents 0.12% market dominance, with a 24-hour trading volume of 123.26 million, down 40.70%. UNI’s 90-day price dropped by 64.07%.

uniswap-daily-chart-8 — Uniswap(UNI), daily chart, screenshot on CoinMarketCap at 23:37 UTC on April 10, 2025. *Source: CoinMarketCap*

The Coincu research indicates lasting impacts on DeFi platforms, potentially attracting more developers to the US. Historical trends suggest these changes could encourage institutional investment and overall market growth.