The US Senate has voted 70 to 27 to repeal an IRS rule requiring decentralized finance (DeFi) platforms to report customer information, arguing that such platforms are not traditional brokers and would incur high compliance costs. This bipartisan decision, led by Senator Ted Cruz, reflects a growing recognition of the importance of crypto in the political landscape. Critics, however, warn that the repeal may push the digital asset industry further into the shadows, complicating efforts to combat financial crimes.
about US Senate Repeals IRS DeFi Reporting Rule in Bipartisan VoteCruz
0 posts last weekSenate Repeals Biden-Era Crypto Tax Reporting Rule in Bipartisan Vote
The Senate has voted to repeal a rule from the Biden administration that mandated certain cryptocurrency platforms to report customer transactions to the IRS, a move celebrated by the growing industry. This rule, set to take effect for the 2027 tax year, aimed to enhance tax compliance and align decentralized finance platforms with centralized exchanges and brokerages.
about Senate Repeals Biden-Era Crypto Tax Reporting Rule in Bipartisan VoteUS House Considers Repeal of IRS Cryptocurrency Tax Regulations
The US House of Representatives is considering a resolution to repeal IRS cryptocurrency tax regulations that impose transaction reporting obligations on decentralized finance (DeFi) platforms. Republican lawmakers argue these regulations exceed legislative intent and could hinder industry growth, while concerns arise that abolishing them may weaken the IRS’s ability to monitor transactions and increase tax evasion. The IRS has delayed implementation to gather feedback, but the House’s actions suggest a potential withdrawal of the regulations.
about US House Considers Repeal of IRS Cryptocurrency Tax RegulationsHouse Committee Moves to Repeal IRS Tax Rule on DeFi Platforms
The House Ways and Means Committee has advanced a resolution to repeal the IRS’s tax reporting rule for decentralized financial (DeFi) platforms, which critics argue imposes an unfair burden on the crypto industry. The resolution, passed 26-16, now moves to the full House for consideration. Proponents claim the rule could cost the U.S. $3.9 billion over a decade, while opponents defend it as necessary for tax compliance.
about House Committee Moves to Repeal IRS Tax Rule on DeFi PlatformsLocal News Highlights: Arrests, Weather Warnings, and Community Workshops
In Augusta County, Zachary Cruz was arrested on three misdemeanor counts of trespassing. Meanwhile, the Augusta County Library is offering free workshops to enhance community education on financial health and practical home skills. Additionally, the Virginia Department of Transportation warns drivers of potential hazardous conditions due to a wintry mix expected in the Staunton District. In Waynesboro, Robert Oaky Lafferty Jr. faces 12 felony charges related to child pornography possession.
about Local News Highlights: Arrests, Weather Warnings, and Community WorkshopsSenator Ted Cruz Advocates for Bitcoin and Cautions Against Overregulation
Senator Ted Cruz, a Bitcoin miner, advocates for the cryptocurrency’s potential to empower small businesses and drive innovation while cautioning against hasty government regulations. He emphasizes Texas as a prime location for Bitcoin mining due to its low-cost energy and business-friendly environment, predicting a surge in crypto activity under the incoming Trump administration. Cruz has introduced legislation to prevent the development of a central bank digital currency, asserting that most congressional Democrats are skeptical of Bitcoin’s capacity for individual freedom and autonomy.
about Senator Ted Cruz Advocates for Bitcoin and Cautions Against Overregulation