As the nation continues its embrace of the asset class, the US Senate is poised to vote this week on repealing the IRS rule threatening crypto and the DeFi sector. Indeed, Senate leaders are expected to erase a crypto broker rule, one of two regulations in place by the Biden administration that could soon be reversed, according to a CoinDesk report.
The Trump Administration announced the impending launch of the country’s very own cryptocurrency reserve plans. Although there has been some debate on the tokens included, it represents yet another major step forward for the country and its renewed pro-crypto approach.
JUST IN: 🇺🇸 US Senate to vote this week on repealing IRS rule threatening crypto and DeFi.
— Watcher.Guru (@WatcherGuru) March 3, 2025
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US Senate Expected to Repeal IRS Rule Threatening Crypto & DeFi
There is no doubt that the return of Donald Trump to the White House is bringing with it a complete overhaul of the country’s crypto policy. Since his arrival, the US Securities and Exchange Commission (SEC) has completely changed. Under acting chair Mark Uyeda, it has already established a crypto task force to ensure the industry’s protection.
That took a step forward this weekend as the country announced its own crypto reserve plans. Yet, it is also seeking to undo some of the negative acts left by the previous administration. Specifically, the US Senate is set to vote on a repeal of an IRS rule that threatens crypto and DeFi.
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According to a report, Senate leaders are set to reverse two regulations from the previous administration. Those will be the IRS DFi rule and a Consumer Financial Protection Bureau (CFPB) digital payment rule. The IRS regulation places increased disclosure demands on decentralized projects. That could be repealed this week.
Additionally, the CFPB regulation takes aim at tech companies that offer either payment applications or digital wallets. US Senator Ted Cruz had previously introduced a CRA resolution to scrap the IRS regulation. Both look to be potentially thrown out by week’s end.