PANews March 5 news, according to CoinDesk, on Tuesday, the U.S. Senate, with the strong support of many Democrats, successfully passed a resolution aimed at repealing the Biden administration's cryptocurrency tax rules, which may be the biggest obstacle to eliminating the U.S. Internal Revenue Service (IRS) new broker rules (which were originally planned to cover decentralized finance DeFi). The Senate passed a resolution authorized by the Congressional Review Act by 70 votes to 27, aimed at completely repealing the expansion of the IRS broker rules. However, the House of Representatives still needs to pass an identical resolution, after which U.S. President Trump can sign it into law. Once completed, not only will the rule be completely repealed, but the IRS will also be prohibited from pursuing similar policies in the future.

An identical resolution has already been passed by the House Financial Services Committee and recommended for approval by the full House, where it is still awaiting a vote. The White House indicated earlier today that the president may sign the resolution quickly.