The U.S. Senate is preparing to vote on reversing an IRS rule that has been criticized by the crypto industry, particularly decentralized finance (DeFi) projects. The IRS rule, implemented in December, expanded the definition of brokers that need to disclose tax information, resulting in concerns for the DeFi sector. Senators Ted Cruz and Pete Ricketts have introduced Congressional Review Act (CRA) resolutions to eliminate the IRS rule and a Consumer Financial Protection Bureau (CFPB) rule on digital payment applications. The House Financial Services Committee has already taken steps to send a matching IRS resolution to the House floor for a vote. These efforts require approval from both chambers of Congress and a presidential signature to become law. The Biden administration's emphasis on taxation and intentions to regulate the industry have raised concerns regarding the impact on innovation and the potential for driving development overseas. In addition to this, the White House plans to hold a crypto summit on March 7 to include industry leaders and relevant regulators.



Other News from Today