U.S. Senate voted 70-27 to repeal an IRS rule that would have imposed stringent reporting requirements on decentralized finance (DeFi) platforms.

The Senate Tuesday voted on two measures to overturn crypto-related regulations inked late in the Biden administration. Why it matters: Both regulations, the IRS' DeFi broker rule and a digital-payments rule from the Consumer Financial Protection Bureau,

White House endorses IRS crypto rule repeal under Congressional Review Act, citing innovation stifling and privacy concerns.

The vote’s outcome could influence future U.S. crypto regulations and the market’s response to decentralized finance policies.

White House backs a CRA resolution to repeal the IRS DeFi Broker Rule, citing compliance burdens. Senate vote set to decide outcome.

Senate leaders are said to be queuing up votes to reverse two Biden-era regulations tied to digital assets: the IRS DeFi rule and a CFPB digital-payments rule.

David Sacks, the Trump administration’s AI and crypto Czar, shared that the White House would support the efforts of Congress to reject the IRS decentralized finance (DeFi) broker Rule. In a post on X, David shared that the administration has full support for Senator Ted Cruz and Representative Mike Carey’s proposal.

WASHINGTON—The Senate voted to repeal a Biden-era rule requiring that some cryptocurrency platforms report their customers’ transactions to the Internal Revenue Service, delivering a bipartisan victory to the ascendant industry.

The Senate pushed forward the repeal of a cryptocurrency regulation former President Joe Biden instituted in the waning days of his presidency via a rarely used repeal method. The Internal Revenue Service rule pushed by the Biden administration in December would require more reporting on cryptocurrency by providers,