Senate Unites: Cruz Urges House to Repeal IRS DeFi Broker Rule
1min read U.S. Senator Ted Cruz has urged the House of Representatives to swiftly pass the "Repeal irs DeFi Broker Reporting Rules" bill, following its approval by the Senate with a bipartisan majority. The bill, introduced by Senator Cruz and Congressman Mike Carey, aims to repeal the so-called "DeFi Broker Rule" which was seen as a burden to the cryptocurrency industry and an infringement on American citizens' privacy rights.
In a statement, Senator Cruz expressed his satisfaction with the Senate's vote, describing it as a win for American innovation. He emphasized the need for prompt action by the House to pass the bill, stating that the Biden administration's regulations were harmful to the cryptocurrency industry and weakened the privacy rights of American citizens.
The "Congressional Review Act" (CRA) was passed by the Senate with a vote of 70-27, indicating a strong bipartisan support for the repeal of the "DeFi Broker Rule." The bill will now move to the House for consideration, where it is expected to face further debate and potential amendments before a final vote.
The "DeFi Broker Rule" was a provision in the Infrastructure Investment and Jobs Act, signed into law by President Biden in November 2021. The rule required cryptocurrency brokers to report transactions to the Internal Revenue Service (IRS), which was seen as an overreach by the government into the privacy of cryptocurrency users.
The repeal of the "DeFi Broker Rule" is seen as a significant victory for the cryptocurrency industry, which has been advocating for a more balanced regulatory approach that respects the innovative nature of the technology while also addressing concerns about tax evasion and money laundering.
