TechFlow news, on March 27, according to The Block, the U.S. Senate passed a bill overturning the Internal Revenue Service's (IRS) so-called "broker" rule targeting DeFi platforms by a vote of 70-28 on Wednesday evening. The bill has now been sent to President Trump for signature. David Sacks, the White House crypto and AI czar, said Trump’s senior advisory team plans to recommend that the president sign the bill.
This controversial rule would have required certain "DeFi industry participants" to operate like traditional securities brokers, mandating the collection and reporting of user transaction data. It also required these entities to issue Form 1099s to customers, reporting non-employment income such as gambling winnings, rental income, and royalties.
The Senate voted earlier this month to overturn the rule, followed by the House of Representatives passing the corresponding bill. Because the measure was tied to budget reconciliation provisions, it required a final Senate vote before being sent to Trump for signing.
