United States President Donald Trump has sanctioned a law that overthrow a US Federal Revenue (IRS) standard that would require cryptocurrency brokerages to provide tax information on transactions on its platforms – a measure seen as another digital active industry victory, which Trump promised to support during his term.
The rule, which was not yet in force and would have an effect from 2026, had a strong opposite reaction from the sector. Regulation required the tax authorities to report the gross volume of digital asset sales made by their users.
Industry representatives argued that decentralized exchanges cannot be treated as brokers or comply with the requirement, as they work automatically through software without the intermediation of individuals. These platforms connect buyers and crypto salespeople directly via via, without custody of users.
The norm had been finalized at the end of former President Joe Biden’s term, which made her contestation by Congress through the Congressional Review Act, which allows the revocation of federal regulations within 60 days.
The proposal aimed to reduce tax evasion in cryptocurrency transactions. Estimates point out that at least half of the taxes due in these operations are no longer paid. Revocation can result in nearly $ 4 billion less in revenue over ten years, according to calculations by Congress’s technical agency.
With a republican majority in both houses, Congress approved the resolution with bipartisan support in March.
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Parliamentarians also want to advance on other sector -related guidelines, such as bills that create rules for stablecoins payments and formalize the creation of a Bitcoin strategic reserve and US digital assets.
Trump has promised to expand support to the crypto industry by reducing regulatory barriers, appointing industry -favorable authorities and approaching market executives, including meetings in the White House. The stance represents a shift in relation to the skepticism that previously demonstrated, reversed during the 2024 election campaign, when crypto companies began to finance their candidacy.
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