Trump Signs Historical Crypto Bill, Reversing Controversial DeFi Rule AllinCrypto April 11, 2025
Trump has signed his first crypto bill, repealing an IRS anti-DeFi tax rule that almost plagued decentralized financial platforms in the US.
The law is the first crypto law signed in by Trump during his current administration, making it a landmark, historical crypto bill.
Signed on April 10, the bill reverses a targeted DeFi bill that classified them as brokers, which in turn, would require decentralized exchanges such as Uniswap and Pancakeswap to collect user information and report them back to the IRS.
Controversial DeFi rule reversed as President Trump signs first crypto bill
The new historical bill reverses a Biden-era bill that targeted decentralized exchanges on Ethereum and beyond, making Uniswap, Pancakeswap, Minswap on Cardano, and many more, responsible to the IRS.
According to the previous bill, traders who interacted with decentralized exchanges would have their information collected and sent to the IRS for tax purposes.
The bill aimed to classify all decentralized exchanges as brokerages, similar to stock market brokers that allow traders and investors to buy and sell stocks under the NYSE, LSE, etc.
Since its formation, the bill has been controversial for multiple reasons. Crypto natives called the bill nonsensical since DEXs do not have intermediary third parties to collect such information, making it hard for them to comply with the regulations.
At the bottom of it, the bill was targeted to curb tax evasion and increase tax reporting within the cryptocurrency industry, which at the time, was being oppressed by Gary Gensler of the SEC, now replaced by Paul Atkins.
According to recent reports, the House and Senate both voted to overturn the rule with Trump supporting its reversal, believing it was not ethically just.
With Trump giving confidence to DeFi participants, the administration’s pro-crypto stance aims to foster innovation and freedom to experiment in decentralized finance.
Ripple and SEC agree to pause appeals for 60 days
Similarly, Ripple and the SEC have both filed a joint motion to pause their appeals and cross-appeals for 60 days, coming in after the SEC agreed to drop their appeal against Ripple.
The agreement is a step towards finalizing the SEC’s lawsuit as resolved, with Ripple agreeing to pay a $50 million fine, lowered from over $125M.
As part of the case’s dismissal, the SEC has also agreed to drop a permanent injunction against Ripple that was imposed on any upcoming XRP sales.
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