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Coin Edition 2025-03-06 07:00:00

Senate Votes to Repeal IRS DeFi Crypto Broker Rule in Bipartisan Victory for Industry

Senate Votes to Repeal IRS DeFi Crypto Broker Rule in Bipartisan Victory for Industry

Senate vote signals bipartisan support for balanced digital asset regulations. IRS rule repeal safeguards DeFi innovation from excessive government oversight. The House decision will determine the future of U.S. crypto tax regulations. The U.S. Senate has voted decisively to repeal the Internal Revenue Service’s (IRS) DeFi broker rule, in what amounts to a significant shift in digital asset regulation. The resolution, championed by Senator Ted Cruz, passed with a strong 70-27 majority, showing robust bipartisan support. Senate Backs Crypto Industry: IRS Rule Repeal Heads to House With this victory in the Senate, the resolution now moves to the House of Representatives for consideration. If passed, it will prevent the IRS from implementing similar regulations in the future. This action marks a crucial step in protecting financial innovation and digital privacy in the U.S. NEW: @SenTedCruz has released a statement on the Senate passing his CRA to rescind the IRS DeFi broker rule. The resolution passed the Senate in a “super” majority of 70-27. It will now move on to the House. “Last night’s vote was a victory for American innovation. In a…… The post Senate Votes to Repeal IRS DeFi Crypto Broker Rule in Bipartisan Victory for Industry appeared first on Coin Edition .

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