U.S. Senate Overturns Crypto Tax Rules in an Overwhelming Vote

Odaily reported that the U.S. Senate passed a resolution by a vote of 70-27 to repeal the IRS's expanded broker rules, which were originally planned to cover . The House still needs to vote, and then the President can sign it into effect, repealing the provision and preventing the IRS from implementing similar policies in the future. Previously, U.S. crypto-friendly Senator and Chair of the U.S. Senate Banking Digital Assets Subcommittee Cynthia Lummis retweeted a post on X platform saying "The White House will support the CRA to revoke the broker rule," and stated: "The IRS's regulations on fundamentally misunderstand the way decentralized technology operates. Wyoming has been at the forefront of responsible digital asset regulation, and I've seen firsthand how clarity - not over-regulation - can foster innovation. These heavy-handed federal rules could push American crypto entrepreneurs overseas, when we should be nurturing this industry at home. I'm proud to join Senator Ted Cruz in repealing this attack on the crypto community." (CoinDesk)