The Senate of the United States will vote for a resolution this week to destroy the Crypto reporting tile of the Internal Revenue Service, the players in the industry claim that the decentralized financing sector threatens.
Reports that US senators wanted to destroy the IRS rule, arose at the end of February.
In addition to the IRS -Crypto rule, the legislators also focus on the rule of the Bureau for Financial Protection of the Consumer, which focuses on digital payment applications, for removal.
Senator Ted Cruz recently introduced the resolution against the IRS rule under the Congressional Review Act, while Senator Pete Ricketts introduced a separate resolution to challenge the CFPB rule.
The CRA offers an extra layer of congress supervision, so that legislators and the Comptroller general of the Government Accountability Office can revise the rules of the federal agencies before they come into effect.
Irs’ broker rule Sparks Industry Backlash
The IRS broker rule, announced in December 2024, requires decentralized crypto projects to reveal operational details and tax information. The crypto industry negative for the regulation, with the argument that the requirements would suppress innovation in the US
In the meantime, the CFPB rule, introduced on January 10, 2025, proposes from a wide consumer protection to the digital assets space. It includes stablecoins and other crypto payment options, with the aim of applying the transfer act of Electronic Fund and Regulation E guidelines to the ecosystem of the digital payment.
Analysts have also criticized the CFPB rule and warn that this can have a negative influence on technology companies that offer crypto portfolios and payment apps.
If the Senate votes to withdraw the rules, both the IRS reporting requirements and the CFPB payment application can be destroyed. The urge to remove agency regulations is in line with a broader effort of the new government under President Donald Trump to leave the limiting attitude towards crypto that is seen under the government of former President Joe Biden.
On March 3, a day after the announcement of Trump around a strategic crypto reserve for the US, house representatives announced A new two -part crypto support initiative. House Republican Tom Emmer and Democrat Ritchie Torres Leiden the Congressional Crypto Caucus effort.
