The solid support on the part of many Democrats has helped to win a victory for an effort by the US Senate to erase an cryptography rule from the Biden administration on Tuesday, by releaseing what could have been the most difficult obstacle to eliminate the rule of the new broker of the Returned Department which was to include decentralized finance (DEFI).
The Senate voted 70-27 to approve a resolution under the Authority of the Congressal Review Act aimed at deleting the expansion of the IRS broker’s rule as if it had never existed. But the House of Representatives will always have to follow with corresponding approval, after which President Donald Trump can sign it.
At this stage, not only is the rule struck books, but IRS is prevented from pursuing a policy similar to the future.
“DEFI is a microcosm of the crypto revolution,” said senator Ted Cruz, the sponsor of the resolution, in remarks on the Senate soil before the vote on what he called a “inconsistent” federal overtaking. He argued that the rule targeting software developers as brokers (and forcing them to disclose user data and personal information) had no meaning. “Their software does not hold or controls user funds.”
The mixed democratic support which contributed to the effort of an overwhelming victory (in terms of the Senate) recalled the votes in the previous session, as one to repeal the rule of the cryptocptal accountability of the Securities and Exchange Commission. They demonstrate strong bipartite support for the causes of digital assets, and which may have good for this year’s legislative initiatives targeting the laws on stablescoin and the market structure which officially put the crypto in federal surveillance.
The DEFI education fund has qualified the development of the Senate “first of many historical stages in the regulation of digital assets in the United States”.
Cruz noted that, in addition to the political tendencies in which more Republicans tended to support these cryptographic issues, the support of the Democrats showed another “clear delimitation line” which demonstrated that young members were more likely to support the effort than the older ones.
“Let’s reinforce this rule, and release the future,” said Cruz.
The Chamber’s Financial Services Committee had already authorized a counterpart resolution and recommended its approval in a ground vote, which is still pending. The White House indicated earlier in the day that the president is likely to give resolution a quick signature.
Cheyenne Ligon contributed the reports.
Update (March 4, 2025, 23:39 UTC): Add comments from the DEFI education fund.
