- U.S. Senate passes resolution with overwhelming 70-28 bipartisan vote to overturn Biden administration’s DeFi regulatory rule.
- The rule would have classified decentralized finance software developers as “brokers” despite not handling cryptocurrency transactions directly.
- Resolution, authored by Senator Ted Cruz, received strong industry support with over 75 blockchain organizations endorsing its passage.
The U.S. Senate has voted 70-28 to pass a resolution authored by Senator Ted Cruz (R-Texas) that overturns a Biden administration rule which would have imposed new regulatory requirements on developers of decentralized finance (DeFi) technology. The resolution, having already passed the House, now awaits the President’s signature to become law.
The midnight rule, finalized on December 30, 2024, would have classified DeFi software developers as “brokers” under IRS regulations, despite these developers not directly handling cryptocurrency transactions. This classification would have subjected them to reporting requirements typically reserved for financial intermediaries who process transactions.
Following the Senate vote, Senator Cruz celebrated the bipartisan support, stating: “Cryptocurrency has become a leading driver in creating new markets and diversifying our economy. The American people know it and support crypto, and that support was reflected this evening in the overwhelming bipartisan majority that voted for my resolution. I look forward to the President signing it into law and I am proud to be leading the fight to defend cryptocurrency from Biden’s abusive regulatory assault.”
The resolution received substantial industry backing, with an industry letter signed by more than 75 members of the Blockchain Association calling for its passage. The specific rule that would be repealed is formally titled “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales.”
Notable endorsements for Cruz’s resolution came from a broad coalition of cryptocurrency and blockchain organizations including The Digital Chamber, Blockchain Association, DeFi Education Fund, Cedar Innovation Foundation, Uniswap, Paradigm, Cryptocurrency Council for Innovation, DCG, Stand With Crypto, Coin Center, and numerous state-level blockchain advocacy groups from Texas, Pennsylvania, Ohio, North Carolina, South Carolina, Virginia, and California.
The strong bipartisan vote (70-28) signals growing recognition across political lines of cryptocurrency’s economic importance and reflects mounting concerns about potentially overreaching regulations in the digital asset space.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Theta EdgeCloud Unleashes AI Agentic Tools for Blockchain Developers
- Treasury drops Tornado Cash sanctions, calls lawsuit “moot” before ruling
- $12B Bitcoin Options Expiry Tomorrow, Deribit CEO Expects Low Volatility
- Caution Urged as Token 2049 Sponsors Raise Red Flags
- YESMiner Launches Cloud Mining Platform with $100 Bonus for New Users
