Senate Repeals IRS Rule on DeFi

U.S. Senate Repeals IRS Rule on DeFi Brokers

• The U.S. Senate voted 70 to 28 to repeal an IRS rule affecting DeFi brokers.
• The rule required DeFi projects to follow traditional brokerage regulations.
• Senator Ted Cruz and Congressman Mike Carey led the legislative effort.
• The repeal awaits approval from President Donald Trump.
• This decision has bipartisan support in Congress and backing from the White House.

The U.S. Senate’s decision, with a notable 70 to 28 vote, repeals an IRS rule that imposed traditional brokerage requirements on decentralized finance (DeFi) brokers, pending President Trump’s signature for final approval.