The post US Senate Kills IRS Crypto Rule; DeFi Wins Big appeared on BitcoinEthereumNews.com.

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… — Eleanor Terrett (@EleanorTerrett) March 5, 2025 Crypto Innovation & Privacy Get Senate Boost The IRS rule aimed to expand tax reporting requirements for cryptocurrency transactions, including those involving decentralized finance (DeFi) platforms. However, opponents argued the rule was overly burdensome and technologically unfeasible.  Critics, including digital asset advocacy groups, asserted that the rule would force software developers to act as brokers and disclose user information, even when they have no control over transactions. Such measures could drive financial innovation overseas, limiting growth in the U.S. digital asset sector. Senator Cruz: Repeal “Major Win for American Innovation” Senator Cruz stated that the repeal of this rule is a major victory for American innovation. The move protects decentralized systems…

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Filed under: News - @ March 6, 2025 7:21 am