Senate Passes Decentralized Crypto Broker Rule Rollback Measure

Senate lawmakers voted to send a measure blocking a Biden-era IRS cryptocurrency tax reporting rule to the White House for President Donald Trump’s signature.

The measure dismantling rules on how decentralized cryptocurrency exchanges report tax information had support on Capitol Hill from a bipartisan coalition of allies and passed the chamber on Wednesday on a 70-28 vote. The so-called DeFi rules were released at the end of former President Joe Biden’s administration, making them vulnerable to a Congressional Review Act challenge that gives Congress 60 days to “disapprove” of a regulation issued by a federal agency.

Industry advocates argue that ...