The US Senate passed the resolution to kill the ‘Unworkable’ IRS Defi Broker Rule
The US Senate passed a resolution to eliminate a biden-time rule that would require a decentralized Finance (DEFI) decentralized protocol to report to the Internal Revenue Service (IRS).
The Senate Vote 70 to 27 on March 4 to approve a movement to eliminate Rule That is Expand existing IRS reporting requirements To integrate decentralized exchanges and require brokers to disclose proceeds Crypto saleIncludes information about taxpayers involved in transactions.
The resolution is now moving home, where it will need to be passed before being sent to President Donald Trump. White House’s Ai and Crypto Czar David Sacks are said by Trump Supports the murder of the rule.
The motion to eliminate the IRS ‘Defi Broker Rule passes the Senate 70 to 27 on March 4. Source: US Senate
It follows a similar effort by homewittance, who advanced a resolution to eliminate the rule On February 26, which was not yet voted.
Eli Cohen, general advice of the RWA tokenizing platform Centrifuge, said in a statement to Cointelegraph that the rule never made “any meaning and didn’t work in practice.”
However, because it did not go to strength, all the requirements did not change, he added.
“It simply means that the taxpayer needs to be reported directly to the IRS without a mediator over this obligation,” Cohen said.
Kristin Smith, CEO of Crypto Advocacy Group The Blockchain Association, Says In a post 4 post on X it was a big day for “Defi – and the US crypto industry.”
“Trying to eliminate this rule should be seen as part of a broader move to maintain crypto in the US,” he said.
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“The defi is a strategic American strategic, and the action is now helpful to ensure it will continue to build the home land,” Smith added.
Smith said it was the most Pro-Crypto Congress So far, and the resolution passing through the Senate is the first time the emotion has been converted into action.
“It is good for efforts to design and pass stable and market structural law,” Smith said.
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