COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Senate Takes Action to Protect Cryptocurrency Markets from Controversial Tax Regulations
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Cryptocurrency News > Senate Takes Action to Protect Cryptocurrency Markets from Controversial Tax Regulations
Cryptocurrency News

Senate Takes Action to Protect Cryptocurrency Markets from Controversial Tax Regulations

In Brief

  • The U.S. Senate repealed a controversial IRS rule affecting cryptocurrency markets.

  • Critics argued the regulation could hinder innovation and drive businesses abroad.

  • Politicians showed mixed reactions, with some supporting the repeal and others expressing concerns.

Ömer Ergin
Ömer Ergin 3 months ago
Share
SHARE

The U.S. Senate has successfully overturned a controversial tax regulation that was anticipated to negatively impact the cryptocurrency market before the Trump administration. In a late Wednesday vote, 70 senators endorsed the repeal, while 28 opposed it. The IRS rule that has now been rescinded imposed requirements on decentralized finance (DeFi) platforms to act like traditional securities brokers. The decision has been forwarded to the White House for President Donald Trump’s signature, which is expected to be granted.

Contents
Why Did the Regulation Spark Controversy?Reactions from Politicians and the Cryptocurrency Community

Why Did the Regulation Spark Controversy?

Introduced during the last days of the Biden administration in December 2024, this IRS regulation mandated certain organizations operating in the DeFi space to collect and report transaction data from users. Additionally, it required platforms to issue traditional income tax forms known as “Form 1099” to their users. The U.S. Treasury Department clarified that the rule targeted organizations operating interfaces that directly access decentralized protocols.

The Cryptocurrency Rule Rescinded by the U.S. Senate

However, this regulation faced intense criticism from both major players in the cryptocurrency market and politicians. Concerns were raised that the rule could hinder innovation and lead U.S.-based ventures to relocate overseas. Shortly after the regulation took effect, the DeFi Education Foundation and various organizations filed a lawsuit against the IRS, claiming the implementation would have serious repercussions on the market.

Reactions from Politicians and the Cryptocurrency Community

Republican Senator Ted Cruz and House Representative Mike Carey jointly introduced a proposal to facilitate the rule’s repeal. During the voting process to overturn the regulation, many Republicans were joined by several Democratic politicians in support. Figures like Senate Minority Leader Chuck Schumer expressed approval of the decision.

However, some Democrats criticized the Republicans for allegedly aiming to undermine the IRS. Massachusetts Representative Richard Neal argued that Republicans intended to leave the IRS with a persistently inadequate budget.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

You Won’t Believe How Companies Amass Billions in Cryptocurrency!

Cryptocurrencies Face a Tidal Wave of Potential Collapse

Trump Fuels Crypto Surge with Surprising Statements

Critical Decisions Impact Crypto Market as Global Tensions Escalate

Trump Faces Critical Decisions in Possible US-Iran Tensions

Ömer Ergin 27 March, 2025 - 7:38 am 27 March, 2025 - 7:38 am
Share This Article
Facebook Twitter
Share
Previous Article Paul Atkins’ Crypto Investments Ignite Debate in Financial Circles
Next Article Vitalik Buterin Makes a Major ETH Transfer with a Mysterious Purpose
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Altcoin Sherpa Warns of Potential Decline as WIF Faces Critical Support Level
Altcoin News
Major Crypto Mining Firms Expand Operations to the US
Cryptocurrency Mining
U.S. Seizes Millions in Crypto to Combat Fraud
Cryptocurrency Law
You Won’t Believe How Companies Amass Billions in Cryptocurrency!
Cryptocurrency News
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?