The US Senate has voted to pass a bill to repeal the IRS cryptocurrency rules, pending a vote in the House of Representatives

According to CoinDesk, on Tuesday, the US Senate, with strong support from numerous Democrats, successfully passed a resolution aimed at abolishing the Biden administration's cryptocurrency tax rules, which may be the biggest obstacle to eliminating the IRS's new broker rules (originally planned to cover decentralized finance DeFi). The Senate passed a resolution authorized under the Congressional Review Act with 70 votes to 27, aimed at completely abolishing the expansion of the IRS broker rules. However, the House of Representatives still needs to pass a similar resolution before US President Trump can sign it into law. Once completed, not only will this rule be completely abolished, 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 stated earlier today that the President may quickly sign this resolution.