U.S. Senate Approves Repeal of IRS DeFi Broker Rules for the Second Time, to Be Sent to Trump for Signature

According to previous reports from Zombit, the majority of members of the U.S. House of Representatives voted on March 12 to overturn a regulation by the Internal Revenue Service (IRS) that classified decentralized finance (DeFi) platforms as brokers, requiring them to collect specific taxpayer and transaction information. The resolution had already been approved for repeal by the Senate before being sent to the House, but due to budget rules, it still needed to be returned to the Senate for another vote after passing the House, and it would only take effect after being signed by President Donald Trump.

According to information shared by former Fox Business reporter Eleanor Terrett, the Senate passed the Congressional Review Act (CRA) this morning with a final vote of 70 to 28, successfully overturning the IRS’s rules regarding DeFi brokers for the second time.

Once President Trump signs it into law, the regulation will officially be repealed, which is undoubtedly a significant boon for the entire DeFi industry.