President Trump Expected to Approve Resolution Rescinding IRS Crypto Rule

The White House is likely to approve a Congressional resolution aimed at rescinding an IRS rule affecting decentralized finance (DeFi), as recommended by President Trump's senior advisers. Key points include:

• Resolution targets a rule requiring DeFi participants to report gross proceeds from crypto sales.
• A bipartisan Senate vote of 70-28 supported proceeding with the resolution.
• The measure must pass both the Senate and House before reaching Trump.
• Senator Cynthia Lummis expressed concerns that strict regulations could drive crypto entrepreneurs abroad.
• This week includes significant discussions on crypto policy in Washington, including meetings with industry leaders.

The CRA allows Congress to eliminate recent federal regulations, creating urgency for lawmakers to act against prior administration rules.