The US Senate voted to pass the 'Repeal of Decentralized Finance Broker Rules,' with Trump endorsing Decentralization finance.

The "Congressional Review Act" (CRA) proposed by U.S. Senator Ted Cruz was overwhelmingly passed in the Senate with a vote of 70 to 27, and will now be transferred to the House for consideration. What impact will the passage of the CRA have? (Background: U.S. bank CEO: Will launch a Stable Coin for hooked customer dollar deposits, just waiting for regulatory laws to take effect) (Additional context: a16z releases 11 analysis articles: How the U.S. becomes the dominant force in Cryptocurrency through taxation, stake, friendly regulation, etc.) Fox Business News reporter Eleanor Terrett posted on the social platform X last night, stating that the "Congressional Review Act" proposed by Senator Ted Cruz was overwhelmingly passed in the Senate with a vote of 70 to 27, and will now be transferred to the House for consideration. According to Ted Cruz's statement, the purpose of this bill is to repeal the Internal Revenue Service's (IRS) regulations on Decentralized Finance (DeFi) brokers. In his statement, he said: Last night's vote was a victory for American innovation. The Biden administration tried to implement this regulation in the dark, harming the interests of Americans and imposing heavy regulatory burdens on digital coins. The vast majority of bipartisan members supported my idea and decided to repeal this harmful regulation. I urge the House to quickly pass this bill as well. What impact will the passage of the CRA have? The Internal Revenue Service's (IRS) regulatory rules for Decentralized Finance (DeFi) brokers are based on the tax reporting requirements derived from the "Infrastructure Investment and Jobs Act" passed in 2021, and the final regulations are expected to be officially issued on December 27, 2024, and take effect from January 1, 2027. At that time, there was a collective protest from the blockchain industry, and a lawsuit was filed in the Northern District of Texas federal court, accusing the rules of violating the Administrative Procedure Act and infringing on constitutional privacy and due process rights. They believe that treating front-end service providers who do not hold assets as brokers goes beyond the authorization of Congress and is technically difficult to implement. The "Congressional Review Act" proposed by Ted Cruz aims to repeal the IRS's rules for brokers on Decentralized Finance (DeFi) platforms. If ultimately passed, it will help avoid destructive harm to the DeFi field and continue to help Cryptocurrency companies stay and develop in the United States. The IRS defines a "broker" as "a person who regularly provides services to facilitate the transfer of digital assets for others," specifically targeting "front-end transaction service providers" in DeFi. DeFi brokers will be required to submit information reports to the IRS for digital asset sales occurring after January 1, 2027, and provide payee statements to clients. The Trump administration's Office of Management and Budget also issued a statement earlier this week, criticizing the rule for affecting user privacy and suppressing U.S. industry competitiveness. Will Decentralized Finance tokens usher in a spring? According to CoinGecko data, leading Decentralized Finance projects in terms of Market Cap, such as Uniswap, Hyperliquid, Aave, ENA, etc., have all experienced significant declines in the past month due to market fluctuations. If U.S. regulations are further relaxed in the future, whether major DeFi projects can shine again is worth our continued follow. Related reports: Bloomberg's lengthy criticism of Trump: corrupt encryption governance atmosphere! The U.S. law enforcement system cannot effectively regulate the president's encryption mother, Hester Peirce, lists the "top ten priorities" of the SEC Cryptocurrency Working Group, revealing a new regulatory landscape in the United States. The U.S. financial regulatory agency adds a dedicated area for encryption assets: specific Crypto itself and transactions are considered securities. The U.S. Senate passes the vote to "repeal the Decentralized Finance broker rule," and Trump supports Decentralized Finance. This article was first published on BlockTempo, the most influential blockchain news media in the dynamic area.