Resolution to kill IRS DeFi broker rule heads to Trump’s desk
The US Senate has passed a resolution to kill a Biden administration-era rule to require decentralized finance (DeFi) protocols to report to the Internal Revenue Service, which will now head to US President Donald Trump’s desk.
On March 26, the Senate voted 70-28 to pass a motion repealing the so-called IRS DeFi broker rule that aimed to expand existing IRS reporting requirements to crypto.
The Senate had voted to pass the resolution earlier in March, which also passed the House, but it was sent back to the Senate for a final vote before it could be sent to Trump.
The White House’s AI and crypto czar, David Sacks, has said Trump supports killing the rule.
This is a developing story, and further information will be added as it becomes available.
Peter Märkl, general counsel at Bitcoin Suisse, criticized both EU and Swiss stablecoin regulations as inadequate and burdensome.
BitPay’s USDC stablecoin transactions accounted for almost double that of USDT in 2024, but the trend has shifted in favor of Tether this year.
Federal prosecutors traced and seized $40,000 in crypto from scammers posing as Trump-Vance Inaugural Committee officials.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike