Congressional Review Act

US Senate Overturns IRS Rule Against DeFi and Crypto

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US Senate Overturns IRS Rule Against DeFi and Crypto

The US Senate discussed the IRS crypto tax rule previously implemented by the Biden administration last Tuesday. This IRS broker rule required developers to collect, store and report personal identifying information of millions of Americans and hand it over to the IRS. In a 70-27 vote turnout, the decision was to overturn crypto-related regulations. This … US Senate Overturns IRS Rule Against DeFi and Crypto

Texas Senator Ted Cruz Challenges IRS Tax Rule on Crypto

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Texas Senator Ted Cruz

Texas Senator Ted Cruz is preparing to challenge the IRS and their recent tax rules on crypto income reporting by utilizing the Congressional Review Act (CRA). The IRS’ reporting rule requires full reporting of income generated from cryptos and expands the “broker’ definition, which, according to critics, doesn’t reflect the true nature of decentralization. Cryptocurrency … Texas Senator Ted Cruz Challenges IRS Tax Rule on Crypto