The United States Senate will vote on a proposal to reverse the Crypto Reporting Rules of the Internal Revenue Service this week, arguing the players of the industry that the decentralized finance sector threatens.
The reports stated that the US senators were looking at the IRS rule in late February.
In addition to the IRS Crypto Rules, law manufacturers are also targeting the Consumer Financial Security Bureau Rules, which focuses on digital payment applications to remove.
Senator Ted Cruise recently proposed against the IRS rule under the Congress’s Review Act, while Senator Pete Rickets made a separate proposal to challenge the CFPB rule.
The CRA offers an additional layer of monitoring of the Congress, which allows the legalists and the Comptroller General of the Government Accountability Office to review the rules of the federal agency before it becomes effective.
IRS Broker Rules Sparks Industry Baikalash
The IRS broker rules announced in December 2024 said that decentralized crypto projects reveal operating details and tax information. Crypto industry Reacted negatively For regulation, arguing that its needs will stop innovation in the US
Meanwhile, the CFPB Rules, introduced on January 10, 2025, proposes to expand consumer safety in the digital asset space. It includes stabelin and other crypto payment options, which is to implement the Electronic Fund Transfer Act and Regulation e Guidelines for Digital Payment Ecosystem.
Analysts have also criticized the CFPB rule, warning that it can negatively affect the technical companies offering crypto wallets and payment apps.
If the Senate votes to cancel the rules, both IRS reporting requirements and CFPB payment application rules can be zero. The removal of the agency’s rules align with widespread efforts by the new administration under President Donald Trump, which is away from the restrictive trend on the crypto seen under the former President who Biden’s government.
On March 3, a day after Trump’s announcement of Trump around a strategic crypto reserve for America, representatives of the House Announced A new bilateral crypto support initiative. The House Republican Tom Emper and Democrat Richie Torres leads the Congress’s Crypto Cocks effort.
