Stablecoin Legislation Becomes New Focus After DeFi Win

With President Donald Trump’s signature, a recent decision has lifted certain tax-reporting requirements from decentralized finance (DeFi) platforms in the U.S. The move effectively removes an IRS rule that would have classified these platforms as brokers, obligating them to track and report user activity.

The rule was introduced during the final stretch of President Joe Biden’s term. Lawmakers used the Congressional Review Act to strike it down, ensuring that the IRS can’t enforce or reintroduce a similar measure in the future. Representative Mike Carey, a Republican from Ohio and supporter of the reversal, confirmed the outcome, which marks a key win for crypto advocates.

While the rule targeted a narrow segment of the crypto space, the broader impact is symbolic. It’s the first time Congress has passed legislation in favor of crypto that made it through both chambers and received a presidential signature. The bipartisan backing reflects growing momentum for the industry in Washington.

Now that the DeFi tax issue has been addressed, lawmakers are shifting focus to new areas of crypto legislation—most notably, stablecoins. Bills proposing rules for stablecoin issuers have already passed key committees in both the House and the Senate. If both chambers approve the separate proposals, they’ll begin the process of creating a unified version.

President Trump has requested that a final bill be ready for his signature by August. Lawmakers working on the legislation say the timeline is achievable.