Trump signs resolution to repeal controversial IRS crypto rule finalized under Biden, lawmaker says
Powered by @unfolded- President Trump signed a resolution to repeal a controversial IRS crypto tax rule finalized under the Biden administration, which required custodial brokers to collect and report user data to the tax agency.
- The repeal was introduced by Republican lawmakers, including Sen. Ted Cruz and Rep. Mike Carey, and was characterized by the White House as a "midnight regulation."
- This marks the first crypto-related bill signed into law, allowing the IRS to focus more on existing obligations rather than imposing new bureaucratic hurdles.
- The rule would have mandated decentralized finance participants to operate like traditional securities brokers, collecting user trading data and issuing tax forms, which faced criticism from industry advocates.