US Senate Passes Abolition of Controversial Cryptocurrency Tax Rules, Trump Expected to Sign

According to The Block, the US Senate has passed a resolution with 70 votes to 28 to repeal the late Biden administration's cryptocurrency tax regulations, and the bill will be submitted to President Trump for signature. This rule requires some DeFi platforms to report user trading information and issue 1099 forms as securities brokers, which has sparked privacy and compliance disputes. White House crypto advisor David Sacks said that the President's senior advisor will recommend signing the bill, which will be the first crypto legislation signed by Trump during his presidency. The DeFi industry welcomes this move, stating that it helps protect innovation and technological development.