Senate adopted Resolution to abolish the IRS defect report from the Biden era-decision now lies with President Trump.

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Senate passes Resolution to the IRS defect report on the bidding administration

In a significant vote, the US Senate passed a resolution that is supposed to repeal the IRS tax authority's duty to report under the bid government (Decentralized Finance). With this step, the law for the final approval is handed over to President Trump.

The original regulation of the IRS promised an extensive reporting obligation for defi platforms. This regulation aimed to promote transparency and tax compliance in the rapidly growing area of ​​decentralized finances. However, critics of the regulation argued that it could be excessively complicated and stressful for innovators in the industry.

The cancellation of the regulation was considered necessary to harmonize the legal framework for Defi and to give the industry more scope for development and growth. With the adoption of the resolution in the Senate, an important step towards a more flexible regulatory environment was taken in the area of ​​digital financial services.

The final decisions regarding the regulation to the signature of President Trump are eagerly awaited by the actors in the Defi community. It remains to be seen what effects these developments will have on the landscape of decentralized finances.