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A resolution to dismantle a controversial rule of the Defi Broker broker heads towards the office of President Donald Trump for the ax after the approval of the Senate.
The vote, which pass With a majority of 70-28, marks an important step towards reducing the surveillance of the internal income service (IRS) on decentralized platforms.
The Defi Broker rule required decentralized financing platforms to report crypto sales and disclose details of the transaction, including user information.
Supporters have argued that it would improve transparency, but criticisms have warned that it could stifle innovation and impose heavy compliance costs on web3 platforms.
Senate approval to kill the DEFI broker’s rule was expected
THE Challenge The broker’s rule required decentralized platforms to deposit their gross product from crypto sales as well as information on users involved in each transactions.
Critics of the Defi Broker rule said that it would reach decentralized platforms with rules and requirements of overly Onéres reports, and would subsequently limit innovation in web3 space.
Senate approval was expected because a version of the resolution was adopted earlier this month. However, the Chamber has made its own version because of the constitutional rules on where the budgetary measures should come.
Now the resolution will go to Trump’s office, where it should end the DEFI CRUTER rule. The President’s AI and the Crypto-Tsar, David Sacks, have already said that Trump supports the death of the rule.
The White House is happy to announce its support for the arc introduced by @Sentedcruz And @Repmikecarey To cancel the so-called DEFI broker rule, an 11th hour attack against the cryptographic community by the Biden administration. pic.twitter.com/t7hxasb4ac
– David Sacks (@ davidsacks47) March 4, 2025
The crypto community applauds resolution while legislators warn against exploitation
Directing voices in the cryptographic community, such as the CEO of the Blockchain Association, Kristin Smith, applauded the Senate vote in a press release.
The following declaration is allocated to the CEO of the Blockchain Association @KmsMithDC After the second vote of today’s Senate to cancel the DEFI broker rule: pic.twitter.com/s632l8sfab
– Blockchain Association (@Blockchainassn) March 27, 2025
Likewise, Crypto Dan Gambardello’s analyst and merchant said Its more than 288,000 subscribers on X that resolution is a “huge victory for the crypto”, adding that it “opens the way to innovation in Defi”.
On the other hand, legislators warn that resolution could facilitate tax evasion and money laundering.
Among the criticisms, the democratic representative Lloyd Doggett. He said Earlier this month, who kills the IRS Challenge The broker’s rule would create a “gap which would be exploited by rich tax cheaters, drug traffickers and terrorist financiers”.
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