Odaily News The U.S. Senate voted 70-27 to repeal the IRS's expanded broker rule, which was originally intended to cover DeFi. The House of Representatives still needs to vote, and then the president can sign it into law, repealing the rule and preventing the IRS from implementing similar policies in the future.
Earlier news, U.S. crypto-friendly Senator and Chair of the U.S. Senate Banking Digital Assets Subcommittee Cynthia Lummis retweeted "The White House will support CRA to revoke DeFi broker rules" on the X platform, and said: "The IRS's regulations on DeFi fundamentally misunderstand how decentralized technology works. Wyoming has always been at the forefront of responsible digital asset regulation, and I have witnessed how regulatory clarity - not over-regulation - promotes innovation. These tough federal regulations may push U.S. crypto entrepreneurs overseas, when we should be nurturing this industry at home. It is an honor to work with Senator Ted Cruz to revoke this attack on the crypto community." (CoinDesk)