U.S. Senate Votes 70-27 to Rescind IRS DeFi Broker Rule, Heads to House for Consideration

On 5 March, according to FOX Business reporter Eleanor Terrett, the US Senate passed the Congressional Review Act (CRA), introduced by Senator Ted Cruz (R-TX), to rescind the IRS's rules for DeFi brokers. The resolution was passed by a ‘supermajority’ of 70-27 and will now go to the House of Representatives for consideration.

Last night's vote was a victory for American innovation,’ Cruz said in a statement. The Biden administration spent the night trying to undermine the privacy of U.S. citizens and impose burdensome regulations on digital currencies. Yesterday, an overwhelming cross-party majority voted in favour of my legislation to roll back this harmful regulation. I urge the House to pass this legislation as soon as possible.’