U.S. crypto lobbyists watched with excitement in recent days as a pair of votes cemented what they’d hoped: Congress is on their side.
The industry that battled with pariah status just three years ago has staunch allies now in the White House and inside the U.S. financial agencies, and the recent votes in the Senate and House of Representatives on an Internal Revenue Service rule demonstrate that their support among lawmakers runs deep. So many Democrats joined the sector’s reliable Republican allies on those votes that crypto advocates suggest they may not have to give up much in negotiations over legislation that matters even more.
Just before he left office, former President Joe Biden’s IRS put a final stamp on a rule to pursue decentralized finance (DeFi) projects as brokers that would have to conduct the full range of tax reporting for users. The House and Senate both cast votes over the past week and a half under the…
