On Wednesday, the US Senate passed a resolution overturning the Internal Revenue Service rules requiring brokers to report gross revenue from digital asset sales, bringing a major victory for President Donald Trump’s administration and crypto industry advocates.
The measure, introduced under the Congressional Review Act, passed 70-28 votes, with Republicans primarily opposing the rules and many Democrats crossing in favor of the aisle.
Christine Smith, CEO of the Washington-based crypto lobbying group Blockchain Association, said he is “absolutely surprised” how many Democrats are willing to overturn rules issued in the Biden administration. Decryption.
The resolution is waiting for a parallel version to move forward at home, where floor votes must pass before heading to Trump’s desk for final approval.
The IRS regulations, which were finalised in December 2024 in the last week of the Biden administration, have significantly expanded the definition of “brokers” that include decentralized financial protocols.
Industry critics argued that the measure would impose an impossible burden of compliance on unauthorized financial systems, enforcing the Defi protocol to register as a traditional financial broker, and required all US Defi users to tie on-chain addresses to their identity.
“Today, in this next chapter, we mark the first of many historic milestones in the regulation of US digital assets.–Moving towards the enactment of the first standalone cryptography, another DC-based Crypto lobbying group said he is a spokesman for the DEFI Education Fund. Decryption.
“The Defi Education Fund praises the bipartisan supermajority of senators who recognized the need to oppose regulatory overreach to protect American freedoms in order to choose American dealings and American innovation.”
Trump administration It is officially backed up Tuesday’s efforts to abolish it was reported that David Sachs, Trump’s head of crypto policy, said the White House “strongly supports” the resolution.
“The rules, issued as midnight regulations on the last day of the previous administration, curb US innovation and raise privacy concerns over taxpayer personal information sharing, while also impose an unprecedented burden of compliance on American debt companies,” Sachs said in a statement.
Thunder Lutz contributed to the report.
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