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US SENATE VOTES TO OVERTURN CONTROVERSIAL CRYPTO TAX REPORTING RULE
The resolution now awaits a parallel version to advance in the House which must pass a floor vote before heading to Trump’s desk.
On Wednesday, the U.S. Senate passed a resolution to overturn an Internal Revenue Service rule requiring brokers to report gross proceeds from digital asset sales, delivering a significant victory for President Donald Trump’s administration and crypto industry advocates.
The measure, introduced under the Congressional Review Act, passed in a 70-27 vote, with Republicans largely united against the rule and many Democrats crossing the aisle in support.
It’s “absolutely mind-blowing” how many Democrats were willing to overturn a rule issued in the Biden Administration, Kristin Smith, CEO of the Blockchain Association, a Washington-based crypto lobbying group, told Decrypt.
The resolution now awaits a parallel version to advance in the House which must pass a floor vote before heading to Trump’s desk for final approval.
The IRS rule, finalized in December 2024 during the final weeks of the Biden administration, significantly expanded the definition of a “broker” to include decentralized finance protocols.
Industry critics argued the measure would impose impossible compliance burdens on permissionless financial systems, force DeFi protocols to register as traditional financial brokers, and require all U.S. DeFi users to tie their on-chain addresses to their identities.
“Today marks the first of many historic milestones in the regulation of digital assets in the United States in this next chapter—as we move towards the enactment of the first standalone crypto legislation,” a spokesperson for the DeFi Education Fund, another D.C.-based crypto lobbying group told Decrypt.
“The DeFi Education Fund applauds the bipartisan supermajority of Senators who recognized the need to push back against regulatory overreach to protect Americans’ freedom to choose how they transact and American innovation.“
The Trump administration formally backed the repeal effort on Tuesday, with David Sacks, Trump’s crypto policy chief, saying the White House “strongly supports” the resolution.
“This rule, issued as a midnight regulation in the final days of the previous administration, would stifle American innovation and raise privacy concerns over the sharing of taxpayers’ personal information, while imposing an unprecedented compliance burden on American DeFi companies,” Sacks said in a statement.
@ Newshounds News™
Source: Decrypt
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SEC REPORTEDLY OFFERING $50K INCENTIVE FOR ELIGIBLE STAFF TO RESIGN
The SEC is among other US agencies that have been offering staff financial incentives to quit under Trump’s cost-cutting DOGE initiative.
The United States Securities and Exchange Commission is reportedly offering eligible employees financial incentives to resign or retire from the agency amid an ongoing wave of staffing changes from the regulator.
The US securities regulator is reportedly offering staff $50,000 to resign or retire by April 4, according to a March 4 Bloomberg report citing an email it reviewed.
The email, which described the offer as a “voluntary separation incentive” or “voluntary early retirement program,” was reportedly sent on Feb. 28 by SEC chief operating officer Ken Johnson to all employees.
The deadline to apply for the incentive is March 21, and eligible employees must have been on the agency’s payroll before Jan. 24. They must also voluntarily leave through resignation, transfer to another agency, or retire. They can not return to the SEC within five years. If they do so, they must pay back the incentive in full, the memo states.
The moves come as the Trump administration seeks to slash federal government staff under the Department of Government Efficiency (DOGE), led by Elon Musk.
The department has removed more than 100,000 of the federal government’s 2.3 million workers through a combination of layoffs and buyouts, reported Reuters.
Cointelegraph reached out to the SEC for comment but did not receive an immediate reply.
In early February, it was reported that the SEC was starting to scale back its 50-staff crypto enforcement unit. At the same time, SEC Commissioner Hester Peirce outlined the agency’s new approach to regulating the crypto markets, including evaluating the security status of crypto assets.
The US labor market is in the spotlight this week with key reports on nonfarm employment data, initial jobless claims data and the February Jobs Report due. These reports are considered important economic indicators, as the shift in the number of positions is strongly associated with the overall health of the economy.
Meanwhile, the SEC has dismissed legal action against a number of prominent crypto companies in recent weeks, including Coinbase, Consensys, Robinhood, Gemini, Uniswap and most recently, Kraken.
@ Newshounds News™
Source: CoinTelegraph
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