The Daily: US Senate votes to repeal controversial crypto tax rule, Ethereum edges closer to deploying Pectra and more
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The US Senate voted 70-28 to repeal a controversial IRS crypto tax rule that would have required decentralized finance participants to collect and report user trading data. The repeal, which received bipartisan support, is expected to be signed into law by President Trump, representing a significant win for the crypto industry.
March 27, 2025 | 7:15 pm
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POSITIVE IMPACT
The repeal of the IRS crypto tax rule removes potential compliance burdens for crypto exchanges and platforms, potentially reducing operational costs and regulatory complexity.
The repeal reduces potential reporting and operational requirements for crypto exchanges, which could lower compliance costs and regulatory uncertainty for Coinbase.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 75