The U.S. Senate recently voted to repeal an IRS rule affecting decentralized finance (DeFi) platforms. This event is seen as a significant win for the crypto industry and may promote innovation in blockchain technologies.
Senate Vote and Its Significance
On March 26, the U.S. Senate passed H.J. Res. 25 with a strong 70-28 majority. Senator Ted Cruz and Representative Mike Carey led this resolution. President Trump is expected to sign the bill by the end of the week.
Expert and Legislator Opinions
Crypto advocate Dan Gambardello praised the decision, stating that fewer regulations could lead to more innovation. White House advisor David Sacks also supported the resolution.
Crypto Industry's Position
A coalition of organizations, including Coinbase and Kraken, sent a letter to Congress criticizing the Department of Justice’s interpretation of money transmission laws. They argue that the DOJ's stance could hinder innovation and endanger software developers.
The repeal of the IRS rule is seen as a move towards clearer and fairer regulations in the crypto industry, protecting developers and supporting blockchain innovation.
