Trump makes history by signing first US law on cryptocurrencies to remove barriers and expand economic freedom

In a historic move for the cryptocurrency sector, U.S. President Donald Trump has signed legislation that repeals a regulation by the Internal Revenue Service (IRS) which would have imposed strict requirements on decentralized finance (DeFi) platforms. The measure, known as H.J.Res.25, was championed by Representative Mike Carey and Senator Ted Cruz, and represents a milestone as the first cryptocurrency-related law passed in the United States.

"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 in a statement. "I thank President Trump for signing this important bill," he added.

The resolution, which received bipartisan support, passed the Senate on March 4 and the House a week later, culminating in a final vote in the Senate on March 26 due to its connection to budget issues. Passed under the Congressional Review Act (CRA) framework, the measure not only repeals the rule but also prohibits the IRS from issuing a similar regulation in the future without explicit congressional approval.

Trump's interest in the world of cryptocurrencies

The White House’s endorsement of this initiative reflects the Trump Administration’s stance on reducing regulatory hurdles, particularly in emerging technologies. Throughout his 2024 campaign and second term, the president has demonstrated a growing interest in promoting the crypto ecosystem as part of his innovation and economic leadership agenda.

Industry organizations, including the Blockchain Association, have welcomed the decision, arguing that the IRS rule would have imposed unsustainable operating costs on many DeFi platforms, hindering their ability to compete in the global marketplace.

As the cryptocurrency sector continues to grow, attention now shifts to how Congress and the administration will collaborate to develop a regulatory framework that benefits both consumers and tech companies.

At the end of 2024, Donald Trump launched his new cryptocurrency company, World Liberty Financial, to enter the digital asset market. He is joined in this venture by his two sons, Donald Trump Jr. and Eric Trump, along with three other individuals, including Steve Witkoff, the current U.S. envoy for the Middle East, a family friend, and a donor to various political causes of the president.