US Senate Overturns IRS DeFi Broker Rules in 70-27 Vote

In Brief

The US Senate voted 70-27 to revoke the IRS’s DeFi broker rules, passing Senator Ted Cruz’s Congressional Review Act (CRA) resolution.

The resolution now moves to the House of Representatives for further consideration.

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In a major legislative move, the US Senate has voted to repeal the IRS’s controversial DeFi broker rules, which sought to impose strict tax reporting requirements on decentralized finance (DeFi) platforms. The resolution, led by Senator Ted Cruz, passed with strong bipartisan support (70-27) and will now head to the House of Representatives.

The IRS’s proposed regulations faced significant pushback from the crypto industry, which argued that the rules were impractical and harmful to innovation. If the resolution passes the House and is signed into law, it would mark a major victory for DeFi and crypto advocates fighting against overregulatio

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