Senate Kills IRS DeFi Rule
The US Senate has passed a resolution effectively killing a Biden administration rule that would have forced decentralized finance (DeFi) protocols to report transactions to the Internal Revenue Service (IRS). This resolution now moves to President Trump's desk for final approval.
Senate Vote Overrules IRS DeFi Reporting
On March 26th, the Senate voted 70-28 to repeal the IRS DeFi broker rule. This rule aimed to expand existing IRS reporting requirements to encompass the cryptocurrency space, including DeFi platforms. The Senate's initial vote to pass the resolution occurred earlier in March; it subsequently passed the House and was returned to the Senate for a final vote before proceeding to the President.
White House Support for Repeal
David Sacks, the White House's AI and crypto czar, has publicly stated that President Trump supports the repeal of this regulation.
Impact on the Crypto Industry
This decision could significantly impact the DeFi landscape in the US. The original rule faced considerable criticism for its potential to stifle innovation and create undue compliance burdens for DeFi protocols. Its repeal is likely to be welcomed by many within the crypto community.
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This is a developing story and will be updated as more information becomes available.