The U.S. Senate passed a resolution to overturn the IRS's DeFi broker rule by a vote of 70-27, and it will now move to the House for consideration.

TechFlow reports, on March 5, according to FOX Business journalist Eleanor Terrett, the U.S. Senate has passed Senator Ted Cruz's Congressional Review Act (CRA) resolution to overturn the IRS's rules targeting DeFi brokers. The resolution passed with an "overwhelming" majority vote of 70-27 and will now move to the House of Representatives for consideration.

"Last night’s vote was a victory for American innovation," Cruz said in a statement. "The Biden administration attempted in the dead of night to undermine American privacy and impose burdensome regulations on digital currency. Yesterday, an overwhelming bipartisan majority voted in favor of my legislation to overturn this harmful rule. I urge the House to pass this legislation as quickly as possible."