Austin News

Today, the United States Senate voted 70-28 in favor of a resolution authored by U.S. Senator Ted Cruz to overturn a regulation imposed by the Biden administration on decentralized financial technology developers. This resolution had previously passed the House and now awaits the President's signature to become law.

The contested rule classified these developers as "brokers," despite them not handling any cryptocurrency transactions directly. The passage of this resolution marks a significant step as it has cleared both congressional chambers.

Senator Cruz expressed his views following the vote: “Cryptocurrency has become a leading driver in creating new markets and diversifying our economy. The American people know it and support crypto, and that support was reflected this evening in the overwhelming bipartisan majority that voted for my resolution. I look forward to the President signing it into law and I am proud to be leading the fight to defend cryptocurrency from Biden’s abusive regulatory assault.”

The resolution gained backing from over 75 members of the Blockchain Association through an industry letter advocating for its passage.

The IRS rule targeted by Cruz's resolution was part of Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales, finalized on December 30, 2024.

Cruz's resolution received endorsements from several organizations, including The Digital Chamber, Blockchain Association, DeFi Education Fund, Cedar Innovation Foundation, Uniswap, Paradigm, Cryptocurrency Council for Innovation, DCG, Stand With Crypto, Coin Center, Texas Blockchain Association, Crypto Freedom Alliance of Texas, Pennsylvania Blockchain Coalition, Ohio Blockchain Council, North Carolina Blockchain Initiative, South Carolina Blockchain Council, Virginia Blockchain Council, and California Blockchain Advocacy Coalition.