- US Senate passed a resolution with a 70-28 vote to repeal the IRS DeFi broker rule targeting crypto reporting.
- The resolution will next head to President Trump for final approval.
- Trump’s AI and crypto czar David Sacks has indicated the president supports ending the rule.
The US Senate has voted 70-28 to eliminate a Biden-era regulation that would have required decentralized finance (DeFi) protocols to report transactions to the Internal Revenue Service. This legislative decision, finalized on March 26, now advances to President Donald Trump‘s desk for signature.
The resolution specifically targets the IRS DeFi broker rule, which sought to expand existing tax reporting requirements to cryptocurrency platforms and transactions. After initial passage in both congressional chambers earlier in March, the resolution returned to the Senate for a final confirmatory vote before being sent to the executive branch.
David Sacks, the White House’s AI and cryptocurrency czar, has publicly stated that Trump supports the termination of this regulation. The rule had been controversial within the cryptocurrency industry since its proposal, with many arguing it would place unworkable compliance burdens on DeFi protocols that operate without central authorities.
The Senate’s decisive 70-28 margin demonstrates significant bipartisan support for removing these reporting requirements, which had been part of the previous administration’s efforts to increase tax compliance in the rapidly evolving cryptocurrency sector. The resolution was approved after the House had already voted in favor of killing the rule.
This development represents a potential regulatory shift in how the federal government approaches cryptocurrency taxation and oversight, though further details about implementation and alternative frameworks remain to be seen.
The situation continues to develop, with more information expected as the resolution reaches the president’s desk.
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