The United States Senate has decisively voted to repeal a cryptocurrency tax reporting requirement implemented during the Biden administration. With a 70-28 vote on March 26, senators moved to eliminate the IRS DeFi broker rule that would have mandated decentralized finance protocols to report transactions to the Internal Revenue Service.
The resolution, which previously cleared both the Senate and House of Representatives, required a final Senate vote before advancing to President Trump's desk for signature. The White House's AI and cryptocurrency advisor David Sacks has indicated that Trump intends to support the repeal.
The original rule aimed to expand existing IRS reporting requirements to cover cryptocurrency transactions on DeFi platforms. Its elimination marks a shift in the regulatory approach to digital asset oversight.
This latest Senate action reflects growing debate around appropriate regulation of decentralized finance and cryptocurrency markets. The strong bipartisan support for the repeal, with 70 senators voting in favor, suggests broad agreement on limiting reporting requirements for DeFi protocols.
The resolution now awaits President Trump's final approval to officially overturn the Biden-era reporting mandate.