The U.S. Senate has voted 70-28 to overturn an IRS rule that imposed strict reporting requirements on certain crypto entities, sending the measure to President Donald Trump for approval.
The regulation, finalized in the final weeks of the Biden administration, sought to classify DeFi service providers as traditional brokers, requiring them to collect and report user transaction data.
Critics argued the rule ignored blockchain’s decentralized nature and would drive innovation offshore. Led by Sen. Ted Cruz and Rep. Mike Carey, the repeal measure gained bipartisan support, though mostly from Republicans.
Crypto industry groups, including the DeFi Education Fund, had strongly opposed the regulation, filing lawsuits against the IRS.
Amanda Tuminelli, the fund’s executive director, called the Senate vote a major victory for blockchain innovation, ensuring developers aren’t burdened by excessive oversight.
However, some Democrats, like Rep. Richard Neal, accused Republicans of weakening the IRS and limiting its ability to monitor crypto transactions.
With Trump expected to sign the repeal into law, the decision marks a significant moment in shaping U.S. crypto regulations.
Japan’s Financial Services Agency (FSA) is working on a proposal to amend existing financial laws, aiming to bring cryptocurrencies under the same regulatory framework as traditional financial instruments.
The U.S. Commodities Futures Trading Commission (CFTC) has taken a significant step by revoking a previous directive that had suggested stricter oversight of digital asset derivatives.
European regulators are pushing for stricter capital requirements on insurers holding cryptocurrencies, marking a significant shift in the EU’s approach to digital assets.
A top official from China’s State Administration of Foreign Exchange (SAFE), Li Bin, emphasized the agency’s commitment to strengthening its ability to track and analyze the influence of cryptocurrencies on capital movements.