A resolution to repeal a Biden administration rulemaking around broker-like tax reporting requirements enacted by the 2021 Infrastructure Investment and Jobs Act appears poised to pass.
A Senate resolution to overturn the rule, introduced by Sen. Ted Cruz, R-Texas, passed the Senate on March 4 by a 70-27 vote, with several Democrats joining Republicans to overturn the rule. The House Ways and Means Committee advanced a similar resolution on Feb. 26.
If the resolution passes both chambers of Congress and is signed into law by President Donald Trump, it would rescind the rule, which was unpopular with the crypto industry and its advocates. Read our prior coverage of the crypto broker rule for more information.
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