The U.S. Senate passed a resolution on March 4, led by Senator Ted Cruz (R-TX), to overturn an Internal Revenue Service (IRS) rule that classified decentralized finance (DeFi) software developers as “brokers.” The resolution, passed by a bipartisan 70-28 vote, now moves to the House of Representatives. “The resolution passed by an overwhelming bipartisan majority, 70-28,” Cruz’s office stated in a press release on March 5.

The IRS rule, issued on Dec. 30, 2024, expanded the definition of “broker” to include DeFi protocols, requiring certain participants to report gross proceeds from digital asset sales. “The rule defined those developers as ‘brokers,’ even though they did not touch any of the cryptocurrency being exchanged,” the press release continued. Crypto advocates have strongly opposed the rule, arguing it stifles innovation, raises privacy concerns, and places an excessive compliance burden on U.S. DeFi companies.

Sen. Cruz celebrated the resolution’s passage, calling it a victory for digital privacy and economic freedom. He opined:

Last night’s vote was a victory for American innovation. In a midnight move, the Biden administration attempted to undermine American privacy and impose burdensome regulations on digital currency.

“Yesterday, an overwhelming bipartisan majority voted in support of my legislation to rescind this harmful regulation,” he added. “I urge the House to pass this legislation expeditiously.”

The resolution was co-sponsored by Senators Cynthia Lummis (R-WY), Thom Tillis (R-NC), Tim Sheehy (R-UT), and Ted Budd (R-NC), while Representative Mike Carey (R-OH) introduced the companion measure in the House. The resolution was brought under the Congressional Review Act (CRA), a law that allows Congress to repeal recently finalized federal regulations. If enacted, the CRA would prevent the IRS from reissuing a similar rule without congressional approval.

White House AI and Crypto Czar David Sacks acknowledged the Trump administration’s stance on the issue, posting on social media platform X on March 4:

The White House is pleased to announce its support for the CRA introduced by Sen. Ted Cruz and Rep. Mike Carey to rescind the so-called broker DeFi Rule, an 11th-hour attack on the crypto community by the Biden administration.

Meanwhile, Kristin Smith, CEO of the Blockchain Association, welcomed the Senate’s decision, stating: “Today’s a bright day for DeFi – and all of crypto – in the United States. An incredible showing of bipartisan support passed Senator Ted Cruz’s Congressional Review Act resolution to roll back the DeFi-killing broker rule out of the Senate. It’s a hopeful sign that shows there is true bipartisan agreement in Washington that the American crypto industry deserves the freedom to grow and innovate here in the United States.” The resolution has been backed by major crypto advocacy groups, including the Blockchain Association, Coin Center, and the Texas Blockchain Association.

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