US Senate passes resolution to kill ‘unworkable’ IRS DeFi broker rule

Quick Summary:

The resolution repealing the IRS rule will need to pass the House and, if successful, will be sent to US President Donald Trump, who has signaled he’ll support killing the rule.

Still, given that it never went into force, all the requirements haven’t changed, he added.“It just means that the taxpayer needs to report directly to the IRS without an intermediary taking on this obligation,” Cohen said.

Eli Cohen, general counsel of the RWA tokenizing platform Centrifuge, said in a statement to Cointelegraph that the rule never made “any sense and was unworkable in practice.

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Article Details

Author / Journalist: Cointelegraph by Stephen Katte

Category: Crypto

Markets: United States

Topics: Passed Need Rule Senate March Resolution Repeal Trump Crypto Smith House

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-05 @ 03:27:08 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 395 words

Reading Time: 3 minutes read

Sentences: 12 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 26673715

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About Coin Telegraph

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 231 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #11

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