The Senate passed a resolution to block the IRS crypto broker rule, moving it closer to becoming law with strong bipartisan support.
Senate Overwhelmingly Rejects IRS Crypto Rule
The U.S. Senate voted 70-27 to eliminate the IRS broker rule, which sought to apply new tax reporting requirements to decentralized finance (DeFi) platforms.
The resolution now heads to the House of Representatives, where a matching vote is needed before President Donald Trump can sign it into law.
Bipartisan Support Signals Shift in Crypto Policy
The measure gained backing from both Republicans and Democrats, echoing previous bipartisan efforts to repeal SEC crypto policies.
Senator Ted Cruz, who sponsored the resolution, called the IRS rule “incoherent federal overreach”, arguing that:
“Their software never holds or controls user funds.”
Block on Future IRS Crypto Rules
If passed, the resolution would not only strike down the rule but also prevent the IRS from implementing similar regulations in the future.
The DeFi Education Fund hailed the vote as a “historic milestone” for U.S. crypto regulation.
House and White House Expected to Approve
The House Financial Services Committee has already recommended approval, and the White House has signaled that Trump is likely to sign the measure quickly.
With growing bipartisan backing, the decision could reshape U.S. crypto policy, paving the way for stablecoin and market-structure regulations.
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