In a major win for crypto, the U.S. Senate voted 70-28 to overturn a heavily criticized IRS regulation that would have forced DeFi service providers to report user data like traditional brokers.
📜 The rule — introduced during Biden’s final days — required 1099 tax forms for non-employment income like staking rewards, royalties, and even gambling winnings.
🧱 DeFi builders and advocates saw it as a threat to privacy and decentralization.
The bill now heads to President Trump’s desk for signature. If signed, it would be a huge step toward protecting innovation in the U.S.
💬 “This repeal is crucial for keeping America at the forefront of Web3,” said Amanda Tuminelli of the DeFi Education Fund.
Do you think Trump will sign it? 👀
