PANews reported on March 3 that according to CoinDesk, the U.S. Senate is expected to vote this week on the repeal of the IRS's crypto broker rules for DeFi. The rule requires decentralized finance (DeFi) projects to provide strict tax information disclosure, sparking strong opposition from the industry. Republican Senator Ted Cruz proposed a motion to use the Congressional Review Act (CRA) to revoke the regulation, while another new regulation targeting digital payment applications is also on the repeal agenda.

As reported last week, a U.S. House of Representatives committee is moving forward with repealing new IRS DeFi tax rules .