Washington Makes A Strong Gesture Towards Crypto

There are moments when politics and tech clash head-on. And this time, it’s crypto that has won a decisive round in Washington. The IRS rule on “brokers” of digital assets, which was set to come into effect in 2025, has just been completely swept away. The Senate voted for its repeal, and Donald Trump is expected to put his signature on it, like a final stamp on a rule that no one really wanted to enforce.

The IRS: an unenforceable rule from the start

At first glance, the idea might have seemed logical: requiring all entities facilitating digital asset sales to report “gross proceeds” to the IRS (Internal Revenue Service). Except that in practice, this rule went way too far. It even included DeFi protocols, crypto developers, and even non-custodial apps.

Imagine a smart contract supposed to fill out a tax form… There you go. The crypto industry quickly sounded the alarm: technically unenforceable, legally vague, and frankly counterproductive.

Trump, the unexpected ally of crypto?

Driven by Republicans through the Congressional Review Act (a rarely used tool), the repeal resolution passed both chambers of Congress. What’s striking is the bipartisan support: both Democrats and Republicans saw in this rule a real risk of stifling a whole sector of American innovation. For once, crypto managed to unite a political class that is so often divided.

With his much-anticipated signature, Donald Trump will send a strong signal to the crypto ecosystem. He now positions himself as a defender of innovation against a too-greedy bureaucracy. Reactions within the ecosystem after this Senate vote are unanimous: relief, and even a form of optimism. America seems determined not to miss the train of decentralization.

The page has been turned, but the book remains open, because while the repeal avoids a regulatory disaster, it also leaves a void. The need for clear regulation, differentiated between custodial and non-custodial actors, is more pressing than ever. The ball is now in the hands of crypto legislators… and Donald Trump, whose administration is currently ready to store bitcoin in bulk.