Senate Votes to Overturn IRS Crypto Tax Rule
- The U.S. Senate voted 70-27 to overturn a Biden administration crypto tax rule.
- The rule targeted decentralized finance (DeFi) and software developers as brokers.
- The resolution was sponsored by Senator Ted Cruz.
- Strong bipartisan support, including from many Democrats, helped pass the resolution.
- The House of Representatives must approve the resolution before it can be signed into law by President Donald Trump.
The Senate’s decisive vote against the IRS crypto tax rule highlights significant bipartisan support for digital asset regulation. The proposed rule aimed at DeFi was criticized for being an overreach, and now awaits further action in the House.
Source (2.6)https://www.coindesk.com/policy/2025/03/04/effort-to-kill-irs-crypto-rule-clears-u-s-senate-hurdle?rand=52298
