US EditionU.S. Senate Expected to Vote on Erasing IRS's Crypto Broker Rule That Threatens DeFi: Source
- The US Senate is expected to vote this week to reverse an IRS rule that the crypto industry views as a threat to decentralized finance projects, according to a person familiar with the planning.
- Senators Ted Cruz and Pete Ricketts introduced resolutions aimed at undoing the IRS and CFPB regulations, respectively, which could be voted on this week.
- Majority Leader John Thune stated, "The Senate is working to undo these burdensome regulations one at a time to restore financial freedom for the American people."
- The Senate aims to eliminate both rules from the previous administration to support financial innovation, according to Majority Leader John Thune.
39 Articles
39 Articles
Activist Post
Bitcoin MagazineThe Current State Of The IRS Broker Rule
A summary of the current state of the IRS Broker Rule, declaring non-custodial front-ends for smart contracts brokers for reporting requirements. Between the holidays and New Years, the IRS used the last passing days of the Biden administration to finalize its long feared Broker Rule: a regulation requiring all cryptocurrency exchanges – custodial and non-custodial, fiat to crypto and crypto to crypto – to effectively subject their users to Know…
US Senate Votes to Overturn Tax Reporting Rule for DeFi Brokers
The rule, if not repealed, will require DeFi brokers to report digital asset transactions and user data starting in 2027. The US Senate has voted to repeal an Internal Revenue Service (IRS) rule that was due to expand tax reporting requirements for decentralised finance (DeFi) brokers. The rule in question was finalised by the IRS in December 2024, broadening the definition of “broker” to include DeFi service providers, and requiring them to rep…
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