The Claim

Signed legislation repealing the overbearing Biden-era “DeFi Crypto Broker Rule,” marking the first time a cryptocurrency bill was signed into law by a president.

The Claim, Unpacked

What is literally being asserted?

Two things: (1) that the president signed legislation repealing the IRS’s DeFi broker reporting rule, and (2) that this was the first cryptocurrency-related bill ever signed into law by a president.

What is being implied but not asserted?

That the rule was unreasonable (“overbearing”), that repealing it was a pro-innovation achievement, and that the administration’s crypto-friendly posture represents a historic first. The framing positions the administration as a champion of the digital asset industry against regulatory overreach.

What is conspicuously absent?

That this was a Congressional Review Act disapproval resolution (H.J.Res.25), not affirmative legislation — the simplest form of congressional action, requiring only a simple majority in each chamber. That 76 House Democrats and a significant number of Senate Democrats supported it, making this a bipartisan achievement rather than a uniquely Trump administration one. That the repeal removed only DeFi reporting requirements, while centralized exchanges remain subject to the same reporting obligations. That the repealed rule had genuine policy justifications — closing a tax reporting gap that allowed DeFi transactions to go unreported to the IRS. That the “first cryptocurrency bill” framing makes a virtue of what was actually Congress’s long failure to establish any crypto regulatory framework.

Evidence Assessment

Established Facts

President Trump signed H.J.Res.25 on April 10, 2025, repealing the IRS DeFi Broker Rule. The rule (TD 10021), published by the IRS on December 30, 2024, would have required DeFi front-end service providers to file Form 1099-DA and comply with the same reporting standards as traditional securities brokers. The Congressional Review Act disapproval resolution passed the House 292-132 on March 11, 2025, and the Senate 70-28 on March 26, 2025. [^137-a1]

This was the first cryptocurrency-related legislation signed into law by a U.S. president. It was also the first tax-related CRA disapproval resolution signed into law. Prior crypto legislation had been proposed but never reached a presidential signature. [^137-a2]

The repeal had strong bipartisan support. In the House, 76 Democrats joined Republicans. In the Senate, the 70-28 vote included significant Democratic support. A coalition of more than 100 stakeholder organizations backed the resolution. [^137-a3]

The DeFi broker rule had legitimate policy justifications but significant implementation problems. The rule aimed to close a tax reporting gap for decentralized finance transactions. However, DeFi platforms operate without centralization, lack access to necessary customer transaction data, and do not function as traditional third-party intermediaries. Industry and many tax professionals argued the rule imposed technically impossible compliance requirements on entities that fundamentally differ from traditional brokers. [^137-a4]

The repeal applies only to DeFi brokers, not to centralized crypto exchanges. Centralized exchanges and custodial digital asset brokers remain subject to reporting requirements under Form 1099-DA starting January 1, 2025. Taxpayers who realized gains or losses on DeFi transactions are still required to report them on their income tax returns — the repeal removed the broker reporting obligation, not the taxpayer reporting obligation. [^137-a5]

Strong Inferences

The CRA mechanism prevents future administrations from issuing similar rules without new legislation. Under the Congressional Review Act, once a rule is disapproved, the issuing agency cannot issue a “substantially similar” rule without explicit congressional authorization. This creates a lasting gap in DeFi tax reporting infrastructure. [^137-a6]

What the Evidence Shows

This is one of the more straightforwardly accurate claims in the 365 list. The president did sign legislation repealing the DeFi broker rule, and it was the first crypto bill signed into law. Both factual assertions check out.

The characterization of the rule as “overbearing” is editorial but not unreasonable — there was genuine bipartisan agreement that applying traditional broker reporting requirements to decentralized platforms was technically impractical. The 292-132 House vote and 70-28 Senate vote demonstrate this was not a partisan action.

The claim does omit relevant context. The CRA is the legislative equivalent of a veto — it blocks a regulation rather than creating new policy. Calling it “the first time a cryptocurrency bill was signed into law” technically inflates the significance of what is actually a procedural repeal. It also obscures the bipartisan nature of the vote, presenting it as an administration achievement when it was fundamentally a congressional one. And it omits that the repeal creates a lasting regulatory gap: DeFi transactions now have no broker reporting framework, which may facilitate tax evasion even though individual reporting obligations remain.

The Bottom Line

The claim is mostly true. The factual assertions — repeal of the DeFi broker rule and first crypto bill signed into law — are accurate. The characterization of the rule as “overbearing” reflects a broad bipartisan consensus, not just administration spin. The primary misleading element is framing a CRA disapproval resolution as a signature legislative achievement rather than what it is: the simplest form of congressional action, used to block a last-minute Biden administration rule that had genuine technical implementation problems. This was a real action with real policy consequences, but it was more a bipartisan course correction than a transformative innovation policy.