The US Senate is moving towards a vote on a resolution to repeal an IRS rule targeting decentralized finance (DeFi) projects, with 70 senators, including many Democrats, supporting the effort. The White House has signaled its likely support for the measure, which aims to rescind a crypto Internal Revenue Service rule that imposes heavy disclosure demands on DeFi participants.
According to President Donald Trump’s senior advisers, he is expected to sign the Congressional Review Act resolution into law if it reaches his desk. The rule, which was approved by the previous administration just before Trump took office, requires certain DeFi participants to report gross proceeds from cryptocurrency sales and other digital asset transactions.
The White House sees this as an unnecessary burden on the US DeFi industry, with the president’s crypto czar stating that the rule “inappropriately requires” such disclosures. The Senate’s super majority vote in favor of proceeding with the resolution is seen as a significant step forward for the effort to repeal the rule.
For the measure to become law, it must pass both the Senate and the House of Representatives. With this development, it appears that Trump will likely not sign the new IRS crypto rule, marking a potential victory for the DeFi industry in its fight against excessive regulatory burdens.
Source: https://www.coindesk.com/policy/2025/03/04/president-warming-up-his-pen-to-sign-resolution-to-kill-irs-crypto-rule-if-passed