- US Senate plans to repeal an IRS rule impacting crypto and DeFi projects.
- Trump administration pushes for a national crypto reserve, signaling a pro-crypto shift.
- Regulations on digital payments and decentralized finance face possible reversal this week.
A major decision looms as the US Senate prepares to vote on repealing an IRS rule impacting crypto and DeFi. Lawmakers aim to reverse policies that many believe stifle innovation and limit financial freedom. At the same time, the government moves forward with plans for a national cryptocurrency reserve. These shifts signal a changing approach to digital assets. The upcoming vote could set the stage for a new era in crypto regulation.
Senate Pushes to Overturn IRS Crypto Rule
The return of Donald Trump to the White House has already altered government policies on digital assets. Acting SEC chair Mark Uyeda has launched a dedicated crypto task force. This group focuses on protecting the industry while encouraging responsible growth. Now, the Senate plans to challenge two key regulations from the previous administration.
The first is an IRS rule requiring strict reporting from decentralized projects. Many in the crypto industry argue this rule creates unnecessary burdens and threatens privacy. The second is a Consumer Financial Protection Bureau rule affecting digital payments. This policy targets tech firms offering financial services, potentially limiting blockchain-based innovations.
What Does This Means for Crypto’s Future?
Senator Ted Cruz leads the charge to repeal these regulations. Lawmakers supporting this effort believe removing these rules will boost the industry. A rollback could create a more open and competitive market for decentralized finance. The Senate’s decision will shape the future of digital assets in the US.
A successful repeal could reduce pressure on blockchain projects and encourage further adoption. However, if the vote fails, stricter oversight may continue, slowing innovation. At the same time, the proposed national cryptocurrency reserve adds another layer of complexity.
While details remain unclear, this initiative suggests the government sees long-term potential in digital assets. Whether this development leads to clearer regulations or increased intervention remains uncertain. For now, the crypto community waits as lawmakers prepare for a decision that could redefine regulations.
