US Senate Votes in Favour of Repealing Controversial DeFi Broker Rule

On March 26, the US Senate voted 70-28 to overturn the contentious DeFi broker rule, which sought to broaden tax reporting requirements for businesses in the sector.

Earlier in the month, the House of Representatives had already passed the resolution with bipartisan backing. Republican Representative Mike Carey, a vocal opponent, described the rule as a “massive government overreach” that would compromise American privacy and stifle industry growth.

The resolution now awaits President Trump’s final approval. David Sacks, the White House’s adviser on crypto and AI, previously expressed support for the repeal, indicating Trump’s likely endorsement.

The rules would have required DeFi platforms to report user transactions, such as crypto sales proceeds, to the IRS like traditional brokers.