The Senate has taken significant steps towards repealing a cryptocurrency regulation established by the previous administration. This move employs a less commonly used method under the Congressional Review Act, reflecting the ongoing debate surrounding cryptocurrency regulations.

The regulation, implemented by the Internal Revenue Service in December, introduced stricter reporting requirements for cryptocurrency providers. Critics argue that these changes could hinder the growth and development of the industry. The resolution to repeal the regulation received a vote of 70-27 and is now awaiting approval from the House of Representatives.

Once it passes the House, the legislation will require the current president’s signature to become law. Historically, the Congressional Review Act has successfully overturned 20 rules, although the outcomes have varied in past Congresses. Notably, the crypto czar appointed by the current president has expressed support for the repeal, indicating that the administration would recommend the president sign the legislation if it reaches his desk.

📎 Related coverage from: washingtonexaminer.com