EddieJayonCrypto
27 Mar 25
The US Senate has voted to repeal an IRS rule targeting decentralized finance (DeFi) platforms. The motion is awaiting President Donald Trump's signature and is expected to become law by the end of the week. The resolution, introduced by Senator Ted Cruz and Representative Mike Carey, could be the f...
The US Senate has voted to repeal an IRS rule targeting decentralized finance (DeFi) platforms. The motion is awaiting President Donald Trump's signature and is expected to become law by the end of the week. The resolution, introduced by Senator Ted Cruz and Representative Mike Carey, could be the first bill related to cryptocurrency to become law. The development is seen as a significant win for the cryptocurrency industry and aims to reduce regulatory oversight in the DeFi sector. A coalition of organizations has submitted a letter to Congress, urging clarification of the Department of Justice's interpretation of money transmission laws, which they argue could stifle innovation in the US tech sector. On March 26, the Senate voted 70-28 to pass H.J. Res. 25, introduced by Senator Ted Cruz and Representative Mike Carey. This vote marks the second time this month that the resolution has passed, following a 70-27 vote on March 4. A procedural requirement regarding budget measures necessitated the re-vote after the House approved its version in a 292-132 tally. If President Trump signs the Congressional Review Act (CRA), it would be the first bill related to cryptocurrency to become law. The resolution's passage would mark a significant win for the cryptocurrency industry and a step toward reducing regulatory oversight in the DeFi sector. Additionally, on March 26, the DeFi Education Fund, alongside a coalition of organizations, submitted a letter to leading US Senate and House Committees on Banking, Judiciary, and Financial Services members. The letter aims to address the Department of Justice’s (DOJ) misinterpretation of money transmission laws, arguing that it could stifle innovation in the US tech sector. The coalition requests that Congress urge the DOJ to clarify its position, aiming to ensure alignment with legal precedent and congressional intent and prevent the stifling of innovation in the US tech sector.