The U.S. Congress is considering repealing existing rules governing decentralized finance platforms and discussing new legislative initiatives regarding stablecoins and Bitcoin.
DeFi Broker Rule Repeal Progress
The U.S. House of Representatives voted to nullify a controversial rule requiring DeFi platforms to report to the IRS. 292 representatives supported the repeal, while 132 opposed it. The rule would have expanded tax reporting requirements to include DeFi platforms. Its fate now lies with the Senate and President Trump.
GENIUS Stablecoin Bill Vote
The Senate Banking Committee is set to consider a stablecoin regulation bill, which could provide domestic coins with a competitive advantage. The bill includes revisions aimed at enhancing consumer protection and increasing the transparency of requirements for stablecoin issuers.
BITCOIN Act Moves Through Congress
Senator Cynthia Lummis reintroduced the BITCOIN Act, potentially allowing the U.S. government to hold more than 1 million Bitcoin. The act also includes new guidelines for managing assets acquired through legal means, such as forfeiture and gifts.
Cryptocurrency legislation in the U.S. is evolving, which could significantly impact market regulation, taxation, and the nation’s innovation potential.
