The US Senate has adopted a resolution aimed at repealing a rule of the Biden era which would require decentralized financing protocols (DEFI) to report to the Rété Service internal (IRS).
The Senate voted from 70 to 27 on March 4 to approve a request for repeal of the rule which would extend the reporting requirements of the existing IRS to include decentralized scholarships and oblige brokers to disclose the gross product of crypto sales, including information concerning the taxpayers involved in transactions.
The resolution is now at home, where it will have to be adopted before being sent to President Donald Trump. The White House AI and Tsar Crypto David Sacks said Trump was supporting the rule.
The request for repeal of the DEFI broker rule of IRS adopted Senate 70 to 27 on March 4. Source: US Senate
It follows a similar effort from the chamber legislators, who have advanced a resolution to repeal the rule on February 26, which has not yet been voted.
Eli Cohen, a lawyer general of the RWA centrifuge tokenizing platform, said in a press release in Cointelegraph that the rule had never made sense and was impergable in practice. “”
However, given that he has never entered into force, all the requirements have not changed, he added.
“This simply means that the taxpayer must report directly to the IRS without an intermediary taking this obligation,” said Cohen.
Kristin Smith, CEO of Crypto Advocacy Group, the Blockchain Association, said in an article on March 4 on X that it was a big day for “Defi – and the crypto -American industry”.
“The effort to repeal this rule should be considered as part of a broader decision to keep the crypto in the United States,” she said.
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“DEFI is an American strategic force, and today’s action makes it possible to ensure that it will continue to develop on soil at home,” added Smith.
Smith said that it was the most pro-Crypto congress to date, and that the resolution that has passed through the Senate was the first time that the feeling was transformed into action.
“This augurs well for efforts to design and adopt legislation on stablescoin and market structure,” said Smith.
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