Lawmakers, including U.S. Senator Ted Cruz and Representative Mike Carey, have introduced a joint resolution to overturn a controversial rule by the Biden administration that redefines decentralized finance participants as "brokers." The rule, finalized by the IRS, imposes strict reporting requirements on defi participants and could harm the U.S. cryptocurrency industry and drive innovation overseas. The resolution has gained support from other lawmakers and industry groups, who argue that overturning the rule will protect the digital asset sector and foster innovation within the United States. The resolution represents an effort to challenge regulatory overreach and highlights the ongoing debate over balancing regulation and technological innovation in the crypto space.



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