The resolution, known as H.J. Res. 25, had already passed the House and needed this final Senate vote before heading to the President's desk.

A procedural budget requirement led to a re-vote in the House after the resolution was initially approved by a 292-132 vote.

On March 26, 2025, the Senate voted decisively, 70-28, to repeal an IRS rule that expanded the definition of 'broker' for tax reporting, sending the resolution to President Trump for approval.

This repeal targets a Biden-era IRS rule that required decentralized finance (DeFi) protocols to report transactions to tax authorities, a move that critics argued would impose heavy compliance costs and stifle innovation.

Supporters of the repeal, including industry leaders like Dan Gambardello, view it as a positive step for DeFi innovation, suggesting that reduced regulation will foster growth in the sector.

Conversely, some lawmakers, such as Democratic Representative Lloyd Doggett, warned that repealing the rule could facilitate tax evasion and create loopholes for wealthy criminals.

Leading figures in the crypto sector, including Blockchain Association CEO Kristin Smith, celebrated the Senate's decision as a significant victory for the industry.

The Senate's vote was backed by a mix of bipartisan lawmakers, including Senate Minority Leader Chuck Schumer, although it was primarily supported by Republicans.

Overall, the repeal is seen as a significant victory for the cryptocurrency industry, aiming to lessen regulatory oversight in the DeFi space.

The IRS rule faced backlash from crypto industry leaders, prompting a lawsuit from the DeFi Education Fund and other groups, who argued it would drive innovation offshore due to its burdensome requirements.

President Trump has expressed support for the repeal and is expected to sign it into law, with senior advisors recommending its passage.

If signed, this would mark the first cryptocurrency-related bill to become law under Trump's administration, underscoring its historical significance.