The resolution repealing the IRS rule will need to pass the House and, if successful, will be sent to US President Donald Trump, who has signaled he’ll support killing the rule.
The US Senate has passed a resolution to repeal a Biden-era rule that would require decentralized finance (DeFi) protocols to report to the Internal Revenue Service (IRS).
The Senate voted 70 to 27 on March 4 to approve a motion to repeal the rule that would expand existing IRS reporting requirements to include decentralized exchanges and require brokers to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.
The resolution now moves to the House, where it will need to be passed before being sent to President Donald Trump. The White House’s AI and crypto czar David Sacks has said Trump supports killing the rule.
