US President Trump signs bill to repeal IRS cryptocurrency regulations finalized at the end of the Biden administration

US President Donald Trump has officially signed a resolution to repeal controversial IRS cryptocurrency tax rules that were finalized in the waning days of the Biden administration.
On the 10th (local time), Mike Carey, who proposed the resolution,
Rep. Carey revealed that President Trump signed a resolution on the same day to repeal the IRS cryptocurrency tax regulations.
Senator Carrie said, "The White House called the regulation a 'midnight regulation imposed at the end of the previous administration' and supported its repeal, so former President Trump's signature was a foreseeable step."
The IRS regulations that were scrapped this time were finalized in December last year and included provisions that required brokers to collect and report user data.
The idea was that even DeFi platform operators would be required to report users' trading history like traditional securities brokers and would be exempt from the obligation to issue 1099 tax returns.
"By repealing this misguided regulation, President Trump and Congress have provided the IRS an opportunity to focus on the duties it already owes to American taxpayers," Calley said in a statement.
"We wanted to avoid creating new, unnecessary bureaucratic barriers," he said. The resolution was passed by the House of Representatives after first passing the Senate in March, and was again brought before the Senate because of its connection to budget provisions.
The bill was pushed through by Republicans, but was passed by Senate Democratic Leader Chuck Schumacher.
Some Democrats, including Sen. Schumer, also voted in favor.