A rule to delete a US internal revenue service rule that is aimed at decentralized financing platforms has cleared the Senate, so that the stage for the expected registration of the president has been set.
On March 26, the Senate voted 70-28 for withdrawing the controversial Defi broker rule, which wanted to expand the requirements for tax reports for companies in the sector.
Earlier this month, the House of Representatives approved the resolution with dual support, with the Republican representative Mike Carey, a vocal critic of the bill, which called it a “mass transmission of the government” that would endanger the privacy of American nationals and the growth in the industry.
Now the resolution goes to President Donald Trump’s office for definitive approval. David Sacks, the Crypto and AI advisor of the White House, has previously confirmed the support of the administration, and Trump is expected to sign it in the law.
The rules, initially proposed by the IRS and the United States Treasury Department in August and completed in December 2024, would require Defi -Platforms to report user transactions – in particular gross yields of crypto sales – to the IRS, comparable to traditional brokers.
This includes the collection and submission of personal data from users involved in these transactions, which critics say that it goes against the nature of decentralization and unnecessary pressure on platforms that often have no central operators.
Proponents of the withdrawal argued that the rule was unworkable in practice and could expel innovation from the US
The Blockchain Association, a Digital Asset Advocacy Group, together with the Texas Blockchain Council, sued the IRS last year.
Marisa Coppel, the head of the Association of Legal, last year criticized regulators in a joint statement and claimed that the Irs and Treasury “had gone beyond their legal authority in expanding the definition of ‘broker’.
“This is not just a violation of the privacy rights of people who use decentralized technology, it would push this whole, fast -growing technology offshore,” he added.
