President Trump Plans To Sign Resolution To End IRS Crypto Rule

President Trump plans to sign a resolution to an IRS Cryptocurrency rule made under the Bidena administration.

White House crypto czar David Sacks shared that Trump’s top advisers will recommend that the 47th President sign the Congressional Review Act resolution into law.

Senator Cruz introduced the resolution.

The resolution seeks to reverse the Biden administration’s rule on crypto, which “inappropriately requires certain DeFi participants to report gross proceeds from cryptocurrency sales and other digital asset transactions, including data about the taxpayers involved.”

President Donald Trump is poised to sign Congress' effort to kill an IRS crypto rule on that imposes hefty demands on decentralized finance projects, Trump's advisers are saying. Meanwhile, the Senate is steaming toward that goal.@jesseahamilton reportshttps://t.co/Id4xQCQYuE

— CoinDesk (@CoinDesk) March 4, 2025

Here’s what Coin Desk reported:

The White House is signaling a likely approval from President Donald Trump if a congressional resolution hits his desk that would rescind a crypto Internal Revenue Service rule approved just before he returned to office.

Trump’s senior advisers will recommend he sign the Congressional Review Act resolution into law, according to a Tuesday statement posted by David Sacks, the president’s crypto czar, saying that the “midnight regulation in the final days of the previous administration” is an unnecessary burden on decentralized finance (DeFi) in the U.S.

The rule “inappropriately requires certain DeFi participants to report gross proceeds from cryptocurrency sales and other digital asset transactions, including data about the taxpayers involved,” according to the statement, which emerged as the U.S. Senate began considering the resolution that could delete the IRS’ work under the authority of the CRA.

In the opening moments of what could be a longer floor debate on Tuesday, a number of Democrats voted yes on a motion to proceed with Republican Senator Ted Cruz’s resolution, showing some split in the party over opening the discussion on it. The initial motion to proceed with Senate action drew what’s known as a super majority of senators, 70-28, meaning more than two thirds of the chamber voted yes to move ahead.

“In a bipartisan, super majority vote, the Senate voted to move forward to discuss and debate the CRA resolution,” noted Jennifer Rosenthal, a spokesperson for the DeFi Education Fund. “This is a tremendous step forward, and now we move to the debate before the full Senate vote.”

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