{"id":22469,"date":"2025-03-27T14:12:35","date_gmt":"2025-03-27T12:12:35","guid":{"rendered":"https:\/\/forklog.com\/en\/us-senate-backs-repeal-of-data-collection-mandates-for-defi-platforms\/"},"modified":"2025-03-27T14:12:35","modified_gmt":"2025-03-27T12:12:35","slug":"us-senate-backs-repeal-of-data-collection-mandates-for-defi-platforms","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/us-senate-backs-repeal-of-data-collection-mandates-for-defi-platforms\/","title":{"rendered":"US Senate Backs Repeal of Data Collection Mandates for DeFi Platforms"},"content":{"rendered":"<p>The US Senate <a href=\"https:\/\/www.senate.gov\/legislative\/LIS\/roll_call_votes\/vote1191\/vote_119_1_00150.htm\">voted<\/a> to repeal a cryptocurrency taxation rule that required DeFi platforms to collect and provide user data.<\/p>\n<p>A resolution introduced by Congressman Mike Carey and Senator Ted Cruz concerning the <span data-descr=\"Internal Revenue Service\" class=\"old_tooltip\">IRS<\/span> regulation on \u201cgross income reporting by brokers regularly providing services for the sale of digital assets\u201d was <a href=\"https:\/\/forklog.com\/en\/news\/us-house-overturns-irs-rule-on-defi-data-collection\">endorsed<\/a> by the House of Representatives.<\/p>\n<p>In the Senate, 78 senators voted for the repeal, while 28 opposed it. The Republican majority supported the decision in full, along with some Democrats, including faction leader Chuck Schumer.<\/p>\n<p>The fiscal authority <a href=\"https:\/\/forklog.com\/en\/news\/irs-to-impose-taxes-on-defi-platforms\">issued<\/a> the rule in December 2024. It required \u201ccustodial brokers\u201d to collect tax form 1099, which includes data on payments not related to traditional employment. This applies, for instance, to winnings, rent, and royalties.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">The Cruz\/Carey CRA to repeal the IRS DeFi broker rule is getting a vote in a few hours (Senate had to vote twice due to a technicality). After this bill passes today, it will be sent to President Trump&#8217;s desk to be the first crypto bill signed! <a href=\"https:\/\/t.co\/JSyatuJxyT\">https:\/\/t.co\/JSyatuJxyT<\/a><\/p>\n<p>\u2014 Ron Hammond (@RonwHammond) <a href=\"https:\/\/twitter.com\/RonwHammond\/status\/1904980616291987761?ref_src=twsrc%5Etfw\">March 26, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAfter this bill is passed today, it will be sent to President [Donald] Trump\u2019s desk to become the first signed cryptocurrency bill,\u201d wrote Ron Hammond, Director of Government Relations at the Blockchain Association, ahead of the Senate vote.<\/p>\n<\/blockquote>\n<p>In December 2024, the organization, along with the Texas Blockchain Council and DeFi Education Fund, <a href=\"https:\/\/forklog.com\/en\/news\/us-house-overturns-irs-rule-on-defi-data-collection\">sought to challenge<\/a> the IRS rule in court.<\/p>\n<p>David Sacks, appointed by Trump as <a href=\"https:\/\/forklog.com\/en\/news\/trump-nominates-david-sacks-as-crypto-czar\">\u201ccrypto czar,\u201d<\/a> confirmed that the president\u2019s close advisors recommend he sign the bill proposed by Congress, reports <a href=\"https:\/\/www.theblock.co\/post\/348358\/senate-votes-to-repeal-controversial-irs-rule-trump-expected-to-sign\">The Block<\/a>.<\/p>\n<p>On March 4, the White House <a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2025\/03\/SAP-SJR3.pdf\">stated<\/a> that the IRS rule restricts innovation, poses risks to taxpayer data privacy, and imposes significant obligations on American DeFi companies, limiting their development.<\/p>\n<p>Back in March, Sacks <a href=\"https:\/\/forklog.com\/en\/news\/crypto-czar-opposes-new-taxes-for-bitcoin-reserve-funding\">rejected the idea<\/a> of taxing crypto transactions to fund the national <a href=\"https:\/\/forklog.com\/en\/news\/trump-establishes-u-s-strategic-bitcoin-reserve\">bitcoin reserve<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Senate voted to repeal a cryptocurrency taxation rule that required DeFi platforms to collect and provide user data. A resolution introduced by Congressman Mike Carey and Senator Ted Cruz concerning the IRS regulation on \u201cgross income reporting by brokers regularly providing services for the sale of digital assets\u201d was endorsed by the House [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,36,558,26],"class_list":["post-22469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-regulation","tag-taxes","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=22469"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/22468"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=22469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=22469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=22469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}