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The U.S. Senate is preparing to re-vote on important legislation that would repeal the controversial decentralized finance (DeFi) intermediary rules, which have sparked intense discussions in recent weeks. According to FOX Business reporter Eleanor Terrett, the vote scheduled for Thursday will be the final step in implementing the bill. Initially approved on March 4 with strong bipartisan support, the bill faced a technical issue that requires the Senate to cast another vote. If the vote is favorable, the legislation could reach President Donald Trump’s desk as early as Friday.
Why the Repeal of Controversial DeFi Rules Matters?
The IRS introduced DeFi intermediary rules that triggered widespread backlash in the cryptocurrency community. If enacted, these rules would have mandated DeFi protocols and users to report their transaction records to the IRS.
The regulations specifically targeted the DeFi ecosystem, which has emerged as an alternative to traditional financial institutions, particularly decentralized exchanges and lending protocols. Many experts and users in the cryptocurrency sector believe this regulation would hinder industry growth and stifle innovation.
Lawmakers advocating for the repeal argue that DeFi protocols do not serve as intermediaries and that user transactions are inherently anonymous. It is noted that the rules would place protocols in a challenging position regarding the collection and reporting of user data. Sector representatives and users believe that without the enforcement of these regulations, DeFi applications can grow more freely.
Why is the Bill Going for a Re-Vote?
The technical error that occurred during the initial vote on March 4 necessitates a re-vote by the Senate. While the specifics of the technical issue have not been publicly revealed, it pertains entirely to procedural matters. This new vote is only significant for completing the procedure and will not cause any changes to the content of the bill.
Once the bill is re-voted and approved, it will move to the final step, requiring the signature of former President Donald Trump. Trump is expected to sign the bill, as he has not previously expressed any negative views on the matter nor indicated any opposition to the legislation.
