President Donald Trump on Thursday signed into law a resolution overturning a Biden-era rule from the IRS that expanded the definition of a broker to include decentralized cryptocurrency exchanges.
Rep. Mike Carey (R-Ohio) introduced the Congressional Review Act disapproval resolution that repealed the IRS Digital Assets Sale and Exchanges Rule, also known as the “DeFi Broker Rule.”
The lawmaker, who is a member of the House Ways and Means Committee, said in a statement that he was in attendance when Trump signed the act into law.
Carey thanked Trump for signing the act.
“The DeFi Broker Rule needlessly hindered American innovation, infringed on the privacy of everyday Americans, and was set to overwhelm the IRS with an overflow of new filings that it doesn’t have the infrastructure to handle during tax season,” Carey said....
