Senate Votes 70-27 to Overturn DeFi Broker Rule
The Senate voted 70-27 to overturn the IRS's DeFi broker rule, which imposed tax reporting requirements on crypto software providers. Key points include:
- The IRS rule was criticized for risking the privacy and security of digital asset traders.
- Foreign companies would not need to comply with such regulations, potentially gaining an advantage.
- This vote reflects a shift in Congress towards pro-crypto legislation.
- 18 Democrats supported the repeal, indicating bipartisan support for future crypto policies.
- Stablecoin legislation is now a top priority for the Senate Digital Asset Subcommittee.
Blockchain Association CEO Kristin Smith described the vote as a positive sign for future legislative efforts.