Some people think the Senate’s decision to reverse the DeFi Broker Rule is a victory that extends beyond this issue.
If you need a refresher, the IRS revealed a rule in December that sought to force tax reporting requirements on crypto software providers — even those not acting as intermediaries.
Then, the next month the crypto-friendly Congress is sworn into office. Ted Cruz and Mike Carey introduced a Congressional Review Act Resolution (CRA) two days following Trump’s inauguration to reverse this rule.
John Thune, Senate majority leader John Thune stated in a speech on the floor that IRS rules are not fair. “puts at risk the privacy and security” A press release sent to me by the president’s press secretary revealed that millions of Americans trade digital assets.
This could be an opportunity for foreign firms, who wouldn’t need to follow such a regulation, to gain an edge, said Mr. Addison.
Final vote of the Senate on the CRA, 70 yeas to 27 nays.
This vote was a landmark one, as there are now many crypto-friendly legislators on Capitol Hill. “the first moment to convert that sentiment into action,” Blockchain Association CEO Kristin smith said on X.
It’s “a hopeful sign,” Then, she continued: “bodes well for the efforts to design and pass stablecoin and market structure legislation.”
Van Buren Capital’s general partner Scott Johnsson stated on X in the last month, that this vote will be a “heat check” What the Democrats might do in future to decide how they vote on crypto related issues.
Smith pointed out that 18 Democrats had voted in favor of repealing the rule. Johnsson said that “productive policy tailwinds got a big boost.”
Ron Hammond of Blockchain Associated, the government relations director added to Johnsson’s response that voting was not accurate. “insanely high” For a CRA.
Cynthia Lummis said last week the Senate Digital Asset Subcommittee was most interested in stablecoin legislation. This is a sign of future law.
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