The U.S. Senate voted 70-28 to repeal a controversial cryptocurrency tax rule introduced under the Trump administration.
The rule, issued by the Internal Revenue Service (IRS), required participants in decentralized finance (DeFi) to act like securities brokers, sparking strong opposition within the DeFi sector.
The rule required participants to collect and report user transaction data, as well as report non-employment income such as gambling winnings and rental income via Form 1099. Many leaders in the crypto world criticized the regulation, arguing it would push the industry overseas and cause privacy issues.
With support from the crypto community, the Senate repealed the rule, marking this as the first crypto law to be sent to President Trump for approval.
