Senate sends IRS crypto rule repeal to the White House

The U.S. Senate has voted 70-28 to repeal an IRS rule that expanded the definition of a "broker" to include decentralized finance (DeFi) platforms, thereby imposing tax reporting obligations on them. This rule, introduced during the previous administration, was part of the Infrastructure bill and faced criticism from the blockchain industry for potentially stifling innovation.

The repeal aligns with the current administration's strategy to support the blockchain industry's contribution to the U.S. economy. The resolution now awaits President Donald Trump's signature, who has indicated his support.