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.
TRM Labs says the Embargo ransomware group has moved over $34 million in ransom-linked crypto since April, targeting US hospitals and critical infrastructure.
The cypherpunk ethos is retreating from the limelight, as institutions and centralized players take center stage, driving new narratives.
The new law will allow investment banks, which can underwrite companies, issue securities, and are institutionally focused, to hold BTC.
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