U.S. Senate Votes 70-27 to Advance Resolution Against IRS Crypto Rule
The U.S. Senate passed a resolution to eliminate the IRS's broker rule affecting decentralized finance (DeFi) with a 70-27 vote. Key points include:
- The resolution, under the Congressional Review Act, requires matching approval from the House of Representatives before it can be signed into law by President Trump.
- The rule targeted software developers as brokers, requiring them to disclose user data; critics argue this is unnecessary as developers do not control funds.
- Support for the resolution came from both parties, indicating bipartisan backing for digital asset regulations.
- Senator Ted Cruz highlighted generational differences in support, noting younger Democrats are more favorable towards crypto initiatives.
- The House Financial Services Committee has already approved a matching resolution, and the White House anticipates a quick signature from the president.