PANews announced on March 27 that the US Senate passed a resolution with a vote of 70-28 to repeal cryptocurrency tax regulations issued at the end of the Biden administration. The bill will be submitted to President Trump for signature. The rule requires some DeFi platforms to report user transaction information and issue 1099 forms like stock brokers, leading to privacy and compliance debates.
White House cryptocurrency advisor David Sacks said senior presidential advisors will recommend signing this bill. This will be the first cryptocurrency law Trump signs during his term. The DeFi industry welcomed this move, saying it will help protect innovation and technological development.
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