According to previous reports from Zombit, on March 12, the majority of the U.S. House of Representatives voted to overturn a regulation from the Internal Revenue Service (IRS) that classified decentralized finance (DeFi) platforms as brokers, requiring them to collect specific taxpayer and transaction information.
The resolution had already been approved by the Senate for repeal before being sent to the House of Representatives. However, due to budget rules, it still needed to be sent back to the Senate for another vote after passing in the House and subsequently signed by President Donald Trump to take effect.
According to information shared by former Fox Business reporter Eleanor Terrett, the Senate passed the Congressional Review Act (CRA) this morning with a final vote of 70 to 28, marking the second time that the IRS’s rules regarding DeFi brokers have been overturned.
Once President Trump signs and announces the repeal, the regulation will be officially revoked, undoubtedly providing a significant advantage for the entire DeFi industry.
