U.S. Senate Set to Vote on Reversing IRS Crypto Broker Rule
The U.S. Senate plans to vote this week on a resolution aimed at reversing an IRS rule that the crypto industry views as detrimental to decentralized finance (DeFi). Key points include:
- The IRS's December rule expanded broker disclosure requirements, affecting DeFi projects.
- Senators Ted Cruz and Pete Ricketts are leading efforts to repeal the IRS and CFPB regulations using the Congressional Review Act.
- Cruz stated that the Biden administration's actions threaten U.S. financial innovation, pushing digital asset firms abroad.
- The House Financial Services Committee has advanced a matching IRS resolution for a vote.
- The CFPB rule would impose stricter regulations on large tech companies offering digital payment applications.
- These regulatory reversals are time-sensitive, governed by deadlines under the CRA.
- A White House crypto summit is scheduled for March 7, involving industry leaders and regulators.