US Senate Set to Vote on IRS Regulation for Crypto Reporting
The US Senate is set to vote on an IRS regulation mandating brokers to report details on digital asset transactions, including cryptocurrencies and NFTs. This law, introduced in December 2024 and effective from January 2025, faces opposition from the crypto sector, leading to a lawsuit against its implementation.
Lawmakers Challenge Regulation
- Senator Ted Cruz, along with Senators Lummis and Ricketts, has introduced a resolution to repeal the IRS rule.
- Congress is expected to vote on this resolution this week.
- The Congressional Review Act allows Congress to overturn unfavorable regulations enacted by government agencies.
- Congress will also review a new regulation from the Consumer Financial Protection Bureau affecting digital payment applications.
Trump's Crypto Initiatives
- The previous administration aimed to regulate the crypto sector but lacked clear guidance.
- President Trump issued an executive order for federal agencies to create a regulatory framework for digital assets, starting January 23, 2025.
- Trump aims to establish the US as the "world crypto capital" focused on regulation and innovation.
- Trump announced a crypto reserve that includes major assets like XRP, SOL, and ADA, with Bitcoin and Ethereum at its core.