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International Business Times
International Business Times
Business
Marvie Basilan

DeFi Broker Rule Repealed: Trump Becomes First US President To Sign Crypto Bill Into Law

IRS Donald Trump Crypto Mike Carey United States Joe Biden Atkins Jason Smith Cryptocom
Donald Trump launched his official memecoin, $TRUMP, ahead of his inauguration. (Credit: The Official Trump Meme Website / Screenshot)

KEY POINTS

  • Rep. Carey said the DeFi broker rule 'needlessly hindered American innovation'
  • Rep. Smith said the rule 'went beyond the scope of the law'
  • Trump has been embracing crypto since he stepped into power earlier this year

U.S. President Donald Trump has become the first president in the country's history to sign a cryptocurrency-centric bill into law after he signed a House and Senate-passed bill that will repeal the Biden-era "DeFi broker rule" under the Internal Revenue Service (IRS).

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