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In a surprising turn of events, the U.S. Senate has voted 70-28 in favor of overturning the IRS’s controversial decentralized finance (DeFi) broker rule. The decision, which aims to repeal the stricter tax reporting requirements on DeFi transactions, is now in the hands of President Trump.
The move comes as a significant blow to the crypto community, which had strongly opposed the initial rule. The Senate’s approval of the resolution sends it back to the White House for further consideration by the President.
The IRS’s DeFi broker rule was introduced with the aim of imposing stricter tax reporting requirements on decentralized finance transactions. This move sparked widespread criticism from industry experts and enthusiasts alike, who argued that the regulation would stifle innovation in the space and hinder the growth of DeFi as a whole.
With this unexpected twist, the fate of DeFi regulations hangs precariously in the balance. It remains to be seen whether President Trump will choose to sign or veto the resolution.
For now, the crypto community is left holding its breath, eagerly awaiting word from the White House on how it intends to proceed with the matter.
Source: https://coinpedia.org/crypto-live-news/senate-overturns-irs-defi-rule-now-in-trumps-hands/
