U.S. Senate votes to repeal IRS cryptocurrency rules, yet to vote in the House

PANews March 5th news, according to CoinDesk, on Tuesday, the U.S. Senate, with the strong support of many Democrats, successfully passed a resolution aimed at repealing the Biden administration's cryptocurrency tax rules, which may be the biggest obstacle to eliminating the new IRS broker rule (which was originally planned to cover decentralized finance DeFi). The Senate voted 70 to 27 to pass a resolution authorized under the Congressional Review Act, aiming to completely repeal the extension of the IRS broker rules. However, the House still needs to pass an identical resolution before U.S. President Trump can sign it into law. Once completed, not only will the rule be completely abolished, but the IRS will also be banned from implementing similar policies in the future.

The House Financial Services Committee has passed an identical resolution and recommended approval in the House of Representatives' voting, which is still awaiting a vote. The White House said earlier today that the president may sign the resolution quickly.