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After the Senate approval, the resolution is a contradictory Biden era Def broker rule.
Vote that past 70-28, most of the time, a significant step on decentralized platforms denotes the oversight of the internal revenue service (IRS).
The Def broker rule demanded decentralized finance platforms on crypto sales and disclose the details of the transactions, including user information.
Proponents claimed that it increased transparency, but critics warned that web3 platforms could stifle innovation and impose burdensome expenses.
The Senate's consent was welcome to kill the Def broker rule
Its Defe The Broker Rule demanded that decentralized platforms provide their gross income from crypto sales, as well as to include information on all transactions related to transactions.
Critics of the Def broker rule claimed that it would hit decentralized platforms with over -complying rules and reporting requirements, and then restrict innovation in the Web3 space.
The Senate approval was expected as the resolution version was adopted early this month. However, due to constitutional rules, the house was drafted by its version of where the budget measures should be from.
The resolution is now heading to Trump's table, where he is expected to end the Defilt Broker rule. President AI and Crypto Czar David Sacks have already said that Trump supports the killing of the rule.
The White House is pleased to report his support to the Cra @Sentedcruz and @RepmikeCarey To cancel the so -called broker deflust, which is the 11th hour attack of the Biden administration on the crypto community. pic.twitter.com/t7hxasb4ac
– David Sacks (@Davidsacks47) 4th March 2025
The crypto community praises the resolution while legislators warn against exploitation
Kristin Smith, the leading votes of the crypto community, such as Kristin Smith, CEO of the Blockchain Association, praised the Senate vote in a statement.
The following statement is attributed to the CEO of the Blockchain Association @Kmsmithdc After today's second Senate vote to return the Def broker rule: pic.twitter.com/s632l8sfab
– Blockchain Association (@blockchainassn) 27 March 2025
Like crypto analyst and trader Dan Gambardello notice His over 288,000 followers for X that the resolution is a “tremendous victory for Crypto”, adding that it “deletes the way for innovation”.
On the other hand, legislators warn that the resolution may make tax evasion and money laundering much easier.
Critics include a democratic representative Lloyd Doggett. He said Slaughter of IRS at the beginning of this month Defe The rule of brokers would create a gap used by rich tax fraud, drug traffickers and terrorists.
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