Senate Votes to Repeal IRS Rule on DeFi Reporting
The Most Important Points at a Glance
The US Senate has voted 70 to 27 to repeal a controversial IRS regulation. This rule would have required DeFi platforms (decentralized finance platforms) to report digital asset transactions. The Trump administration supports the repeal, aiming to foster innovation and address privacy concerns. Now, the House of Representatives must vote on the resolution before President Trump can sign it.
Background of the IRS Rule
In December 2024, the IRS introduced a rule that classified DeFi platforms, wallet providers, and other crypto service providers as brokers. This classification would have required them to report user transactions—similar to traditional financial institutions. Critics argued that this was technically unfeasible and would significantly burden the US crypto industry.
Political Support for the Repeal
Senator Ted Cruz introduced Resolution S.J.Res.3 to overturn the rule. The Trump administration strongly supported the repeal, calling the rule a “midnight regulation” from the previous administration. According to an official statement, the rule would hinder innovation, create privacy concerns, and impose an excessive burden on US DeFi companies.
Reactions from the Crypto Industry
The Blockchain Association and over 75 companies, including Coinbase, Kraken, and Uniswap, supported the repeal. Kristin Smith, CEO of the Blockchain Association, called the decision a “big day for DeFi.” Analysts expect positive market movements as regulatory uncertainties decrease.
Potential Impact of the Decision
If the resolution is fully approved, the IRS will not be able to introduce a similar rule without explicit congressional approval. However, critics warn that this could facilitate tax evasion. The IRS estimates that repealing the rule could lead to a loss of approximately $3.9 billion in tax revenue over the next ten years.
Next Steps
The resolution will now be presented to the House of Representatives, where broad support is expected from Republicans and pro-crypto Democrats. If the House approves, President Trump is expected to sign the repeal within a few days.
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Our Assessment
The Senate’s decision highlights a significant shift in US crypto policy under the Trump administration. While supporters see the repeal as a crucial step for innovation and market stability, concerns about tax evasion remain. The coming weeks will reveal whether the House and Trump will finalize the repeal—and what long-term effects this will have on the US crypto market.
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