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Politics & Policy

Senate sends IRS crypto rule repeal to the White House

Brady

Senate Majority Leader John Thune (R-SD) (L) and Sen. Ted Cruz (R-TX) (R) speak to one another during a Senate Transportation Committee business meeting to consider the nomination of Sean Duffy as Transportation Secretary on Capitol Hill on January 22, 2025 in Washington, DC.

Senate Majority Leader John Thune and Sen. Ted Cruz on Capitol Hill in January. Photo: Anna Moneymaker/Getty Images

The Senate voted Wednesday 70-28 on a House resolution to repeal a rule promulgated by the Internal Revenue Service last year, extending the definition of a "broker," for purposes of tax reporting.

Why it matters: The move fits into the larger Republican strategy of acting as the party moving to support the blockchain industry's contribution to the U.S. economy.

Catch up fast: The broker rule update has its origins in former President Biden's Infrastructure bill.

Industry representatives have said that the language is too broad and would include decentralized finance applications that have no capacity to report.

However, the services traders use to move their funds from on-chain to their bank accounts provide visibility of profits and losses for tax purposes.

The intrigue: The rollback effort originated in the Senate, which passed a version, but the process started over again in the House due to process considerations about budgetary measures found in the U.S. Constitution.

What's next: President Trump's signature. He's already indicated support.

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