Latest: The U.S. Congress' opening priority for the crypto industry *is to quickly finish a STABLECOIN oversight bill, and the House of Representatives has released the text of its version on Wednesday,* following in the heels of a recent committee approval of its Senate counterpart.
Updated: March 27, 2025
https://www.coindesk.com/policy/2025/03/26/u-s-house-stablecoin-bill-goes-live-in-flurry-of-crypto-activity-on-capitol-hill
*.......many lawmakers involved in crypto efforts on Capitol Hill all appeared on Wednesday at the DC Blockchain Summit.*
*.......the Senate and House have both previously passed the resolution, The vote passed, with 70 Senators voting in support and 28 voting against. The previous Senate vote passed 70-27.*
The House version of stablecoin legislation was released publicly as another bill on crypto clarity was reintroduced and the Senate weighed its crypto Internal Revenue Service's efforts.
Emmer, Steil and many other lawmakers involved in crypto efforts on Capitol Hill all appeared on Wednesday at the DC Blockchain Summit, a crypto policy event hosted by the Digital Chamber. Most of them shared hopes that the stablecoin effort would be completed by August.
As the conference wrapped up, the Senate prepared to vote for a second time on a Congressional Review Act resolution overturning the IRS' 2024 regulation governing decentralized finance (DeFi) brokers, *aimed at overturning the Internal Revenue Service's (IRS) reporting requirements for decentralized finance (DeFi) platforms.* This legislation would exempt DeFi protocols from the obligation to report user information in the same manner as traditional brokers.
Previously, the IRS mandated that DeFi brokers report the total proceeds from digital asset sales and provide customers with Form 1099, which includes collecting user transaction details such as names and addresses. *This move by the Senate seeks to alleviate the reporting burden on DeFi platforms, aligning them differently from conventional brokerage firms. The Senate and House have both previously passed the resolution, which U.S. President Donald Trump is expected to sign, but the Senate needed vote on it again due to a procedural rule requiring the House to vote first on tax-related issues.*
*The vote passed, with 70 Senators voting in support and 28 voting against. The previous Senate vote passed 70-27.*
In a statement, DeFi Education Fund Executive Director and Chief Legal Officer Amanda Tuminelli said the group "commends the bipartisan supermajority of Congressional leaders who voted in favor of the “DeFi Broker” CRA resolution, recognizing the severe and far-reaching consequences of the IRS’ misguided rulemaking."
*The US Senate is preparing to hold a final vote today March 27 to nullify the Internal Revenue Service's (IRS) broker reporting rule for DeFi.*
*Some of the above news updates were also gathered from Binance and Cryptoslate websites.*
🇺🇸Latest: The U.S. Congress' opening priority for the crypto industry *is to quickly finish a STABLECOIN oversight bill, and the House of Representatives has released the text of its version on Wednesday,* following in the heels of a recent committee approval of its Senate counterpart.
Updated: March 27, 2025
https://www.coindesk.com/policy/2025/03/26/u-s-house-stablecoin-bill-goes-live-in-flurry-of-crypto-activity-on-capitol-hill
*.......many lawmakers involved in crypto efforts on Capitol Hill all appeared on Wednesday at the DC Blockchain Summit.*
*.......the Senate and House have both previously passed the resolution, The vote passed, with 70 Senators voting in support and 28 voting against. The previous Senate vote passed 70-27.*
The House version of stablecoin legislation was released publicly as another bill on crypto clarity was reintroduced and the Senate weighed its crypto Internal Revenue Service's efforts.
Emmer, Steil and many other lawmakers involved in crypto efforts on Capitol Hill all appeared on Wednesday at the DC Blockchain Summit, a crypto policy event hosted by the Digital Chamber. Most of them shared hopes that the stablecoin effort would be completed by August.
As the conference wrapped up, the Senate prepared to vote for a second time on a Congressional Review Act resolution overturning the IRS' 2024 regulation governing decentralized finance (DeFi) brokers, *aimed at overturning the Internal Revenue Service's (IRS) reporting requirements for decentralized finance (DeFi) platforms.* This legislation would exempt DeFi protocols from the obligation to report user information in the same manner as traditional brokers.
Previously, the IRS mandated that DeFi brokers report the total proceeds from digital asset sales and provide customers with Form 1099, which includes collecting user transaction details such as names and addresses. *This move by the Senate seeks to alleviate the reporting burden on DeFi platforms, aligning them differently from conventional brokerage firms. The Senate and House have both previously passed the resolution, which U.S. President Donald Trump is expected to sign, but the Senate needed vote on it again due to a procedural rule requiring the House to vote first on tax-related issues.*
*The vote passed, with 70 Senators voting in support and 28 voting against. The previous Senate vote passed 70-27.*
In a statement, DeFi Education Fund Executive Director and Chief Legal Officer Amanda Tuminelli said the group "commends the bipartisan supermajority of Congressional leaders who voted in favor of the “DeFi Broker” CRA resolution, recognizing the severe and far-reaching consequences of the IRS’ misguided rulemaking."
*The US Senate is preparing to hold a final vote today March 27 to nullify the Internal Revenue Service's (IRS) broker reporting rule for DeFi.*
*Some of the above news updates were also gathered from Binance and Cryptoslate websites.*
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