- President Trump signed Senator Ted Cruz’s Congressional Review Act resolution overturning an IRS rule on cryptocurrency.
- The resolution prevents certain crypto developers from being classified as “brokers” for tax reporting purposes.
- Senator Cruz has championed multiple cryptocurrency initiatives in Congress, including bills against central bank digital currencies.
President Donald Trump has signed a Congressional Review Act (CRA) resolution authored by Senator Ted Cruz (R-Texas) that overturns an Internal Revenue Service rule on cryptocurrency. The legislation, focused on Decentralized Finance (DeFi), blocks an IRS regulation that would have classified certain cryptocurrency developers as “brokers” for tax reporting purposes, according to a statement released by Senator Cruz’s office.
Following the signing, Senator Cruz celebrated the development, stating: “This rule would have undermined American leadership on cryptocurrency and I am grateful to President Trump for signing my resolution into law. The resolution is a victory for innovation, privacy, and economic freedom.” Cruz added that the measure protects developers building cryptocurrency’s future while ensuring the United States maintains its digital leadership position.
Cruz’s Cryptocurrency Leadership
The statement highlights Senator Cruz’s extensive work advocating for cryptocurrency in Congress. Among his initiatives is the Facilitate Lower Atmospheric Released Emissions (FLARE) Act, which aims to incentivize entrepreneurs and crypto miners to utilize otherwise stranded natural gas. Cruz has also worked to prevent government oversight that he views as potentially hampering the cryptocurrency industry.
Most notably, Cruz introduced the Anti-CBDC Surveillance State Act, legislation prohibiting the Federal Reserve from issuing a central bank digital currency. This bill received strong bipartisan support in Congress, reflecting growing cross-party interest in cryptocurrency regulation.
Additional Cryptocurrency Legislation
The Texas senator has consistently advocated for cryptocurrency adoption and protection from government regulation. His previous legislative efforts include introducing similar bills against federal control of digital currency in 2023 and 2022.
Cruz also authored the ACCEPT Resolution (Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions), which would enable cryptocurrency payments within Congress itself. Additionally, he has twice attempted to repeal reporting requirements for cryptocurrency companies that were established in the 2021 infrastructure package, introducing legislation in both the 117th and 118th Congresses.
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