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Crypto Tax Rule Axed: Senate Votes 70-28, Trump Expected to Sign
In a decisive move, the United States Senate has voted overwhelmingly in favor of repealing a controversial IRS cryptocurrency tax rule. The measure was passed with a vote count of 70-28 and is expected to be signed into law by President Donald Trump within the coming days.
The repealed rule had been met with widespread criticism from stakeholders within the cryptocurrency community, who argued that it would stifle innovation in the sector. Critics claimed that the regulation was impractical for decentralized finance (DeFi) platforms, which operate without centralized control, making compliance impossible.
According to sources, the Trump administration has publicly expressed concerns over the regulatory hurdles imposed by the original rule. The move is seen as a significant victory for the crypto sector, marking a shift towards a more crypto-friendly regulatory environment in the US.
Industry analysts predict that the repeal could encourage more cryptocurrency businesses to operate within the US, rather than opting for international jurisdictions with less stringent regulations. However, concerns have been raised over potential tax compliance issues arising from the abolition of the rule.
Source: https://cryptotale.org/crypto-tax-rule-axed-senate-votes-70-28-trump-expected-to-sign/
