The US Senate voted 70-27 to approve a resolution that would erase the Internal Revenue Service’s (IRS) new broker rule on decentralized finance (DeFi). The rule, set to impose demands on the industry, was deemed difficult for companies to contend with. Now, the House of Representatives must follow suit and approve the same resolution before President Donald Trump can sign it into law. If successful, the rule would be stricken from the books, and the IRS would be blocked from pursuing similar policy in the future.
Senator Ted Cruz, the resolution’s sponsor, argued that the rule was “incoherent” and did not make sense as software developers are not brokers of user funds. The mixed Democratic support for the effort demonstrates a strong bipartisan backing for digital asset causes, which may bode well for this year’s legislative initiatives on stablecoin and market-structure laws.
The DeFi Education Fund called the Senate development “historic milestones in the regulation of digital assets” and praised younger lawmakers’ involvement. With the House Financial Services Committee already clearing a matching resolution, it is likely that President Trump will give the resolution a speedy signature.
Source: https://www.coindesk.com/policy/2025/03/04/effort-to-kill-irs-crypto-rule-clears-u-s-senate-hurdle