On Tuesday, with strong support from many Democrats, the US Senate successfully passed a resolution aimed at repealing the Biden administration's cryptocurrency tax rules, which could be the biggest obstacle to eliminating the Internal Revenue Service's (IRS) new broker rules (which were originally intended to cover decentralized finance DeFi). The Senate passed the resolution, authorized by the Congressional Review Act, with 70 votes to 27, aimed at completely repealing the extension of the IRS broker rules. However, the House of Representatives still needs to pass a similar resolution, after which US President Trump can sign it into law. Once completed, not only will the rule be completely repealed, but the IRS will also be prohibited from implementing similar policies in the future.

The House Financial Services Committee has passed a similar resolution and recommended approval in a full House vote, which is still pending. The White House earlier today indicated that the President may quickly sign this resolution.