US Senate resolves to repeal IRS DeFi broker rule, supported by White House

From Cointelegraph
March 4, 2025 10:27 PM:

The US Senate passed a resolution to repeal a Biden-era rule requiring DeFi protocols to report to the IRS. The motion was approved 70 to 27 on March 4 and now moves to the House for approval before reaching President Trump. The White House supports killing the rule, as confirmed by David Sacks.

House lawmakers also advanced a resolution to repeal the rule on Feb. 26, pending a vote. Eli Cohen of Centrifuge stated the rule was unworkable, but all requirements remain unchanged. Kristin Smith of The Blockchain Association sees the repeal as crucial for DeFi and the US crypto industry’s development on home soil.

Smith noted this is the most pro-crypto Congress to date, with the resolution’s passage signaling positive steps for future legislation on stablecoins and market structure. The effort to keep crypto in the US is part of a broader move to support the industry’s growth and innovation.

Read more at Cointelegraph: US Senate passes resolution to kill ‘unworkable’ IRS DeFi broker rule