The US Senate has approved a resolution aimed at overturning a rule from the Biden administration that mandated decentralized finance (DeFi) protocols to report their activities to the Internal Revenue Service. This resolution will be forwarded to President Donald Trump for approval.
On March 26, the Senate voted 70-28 in favor of repealing the so-called IRS DeFi broker rule, which sought to extend current IRS reporting obligations to the cryptocurrency sector.
Earlier in March, the Senate had passed the resolution, which also received approval from the House. However, it was returned to the Senate for one final vote before reaching the president’s desk.
David Sacks, who oversees AI and cryptocurrency initiatives at the White House, has indicated that Trump is in favor of eliminating this regulation.
This is an evolving situation, and updates will be provided as more information becomes available.