US Senate Blocks IRS Crypto Rule—DeFi Scores a Big Win!

The U.S. Senate has voted to overturn an Internal Revenue Service rule that aimed to enforce stricter tax reporting on crypto transactions. The rule, introduced on Dec. 30, 2024, expands the definition of a “broker” to include DeFi protocols, requiring some participants to report earnings from digital asset sales. This decision marks a big win for DeFi and the broader crypto industry for now, DeFi can breathe easy, but knowing regulators, they’ll probably be back with another plot twist soon!