The Senate voted 70-27 on Tuesday to advance the repeal of a Biden-era cryptocurrency regulation, using the Congressional Review Act (CRA) to dismantle the rule. The measure now moves to the House of Representatives, and if approved, it will require President Donald Trump’s signature to take effect.
The IRS rule, issued in December 2024, would have expanded reporting requirements for cryptocurrency providers, a move critics argued would burden the industry and raise privacy concerns. Trump’s crypto czar, David Sacks, said the administration supports repealing the rule, calling it a last-minute regulation that stifles innovation.
The CRA, enacted in 1996, allows Congress to overturn executive agency rules with a simple majority vote. The law has been used sparingly, with only 20 successful repeals in its history. If Trump vetoes the repeal, Congress could attempt a veto override.
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