DeFi Platforms Get Tax Relief From the US Senate

DeFi platforms breathed a sigh of relief this month as the U.S. Senate voted 70-28 to repeal an Internal Revenue Service (IRS) rule that would have imposed broker-like tax reporting requirements. This rule, finalized in December 2024, sought to classify certain DeFi service providers as brokers, obliging them to collect user information and report transactions to the IRS starting in 2027.