US SenateCanceled the controversial tax regulation, which was issued before the Trump administration and is expected to negatively affect the crypto money market. In the vote, which was held late on Wednesday, 70 senator support support the cancellation of the rule, while 28 senators opposed. The IRS rule, which was repealed, had to treat the decentralized finance (defi) platforms as a traditional securities. The decision was sent to the White House for the signature of President Donald Trump and Trump is expected to approve the decision.
Why did the arrangement lead to controversy?
This was brought in the last days of Biden administration in December 2024 IRS The rule required some organizations operating in the field of defi to collect and report the transaction data of users. At the same time, it was compulsory for platforms to edit the “Form 1099” documents, which are traditional income tax forms for users. US Treasury DepartmentHe announced that the target of the rule has organizations that operate the interfaces that directly access the user of decentralized protocols.
However, this arrangement is both crypto currency The leaders of the market were extensively criticized by politicians. It was emphasized that the rule could prevent innovation and that US -based initiatives may be moved out of the country. The Defi Education Foundation and the various organizations filed a lawsuit against IRS shortly after the rule of the rule and stated that the application would have serious consequences on the market.
Response of politicians and crypto currency world
Republican Senator TED CRUZ and a member of the House of Representatives Mike Careya joint law proposal to cancel. In the voting process for the cancellation of the regulation, some democratic politicians supported the majority of Republicans. Senate Minority Leader Chuck Schumer such names also look at the decision positively said.
However, some democrats criticized that Republicans aim to weaken IRS. Massachusetts Representative Richard NealHe argued that Republicans want to leave IRS with an inadequate budget.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
