The US Senate votes to cancel the report of the Tax Authority

In the most recent axis of recepsso in the United States, the Senate has canceled a base provided by the internal revenue department related to “the total revenue that is compared by the intermediaries that regularly provide services that affect digital asset sales.”

Al Qaeda requires decentralized financing platforms to report detailed information about customers to the Tax Authority, starting from the 2027 tax year. It was aimed at improving tax compliance and Defi treatment in the same way as central exchanges and stock mediation.

Both parties voteLed by Senator Ted Cruz, he argued that Defi platforms are not two traditional mediators and will face high compliance costs.

A vote was canceled from 70 to 27, and every vote was to maintain the base by a democratic, not surprising.

Defi off the hook

“Democrats and Republicans are still able to do things together when they are trying only,” Paul Garioal, chief of legal officials.

17 Democrats and all Republicans of the Senate have just voted to cancel the base of reporting the Tax Authority. DS and RS can still do things together when they just try. https://t.co/ajbgkcsbt1

– Paulgrewal.eth (iampaulgrewal) March 4, 2025

It is a strong statement of the importance of encryption. “I think Crypto was one of the main issues in the recent elections,” said Senator Texan Cruz.

Republicans are looking for other administration rules using the Congress review law, including regulations related to devices, oil and gas drilling and rubber tire manufacturing.

Mike Camers, deputy director of the New York University Tax Center, did not agree that canceling the base was a good thing.

He said, “It would encourage more digital asset industry to move to the shadow, which makes it difficult to face crimes ranging from tax evasion to trafficking in fentanel to terrorist financing.” According to To Wall Street.

DEFI’s closed total value had a recent return with the encryption market rally, but it has since declined by 33 % to $ 102 billion, According to To Devilia. It is still out of its peak in December 2021 of $ 212 billion since Devi was based primarily on ETAREM, and ETH was beaten this year.

Market reaction

The encryption markets have seen a simple recovery over the past 24 hours, as the total capitalization adds 2 % to $ 2.97 trillion.

Bitcoin recovered $ 88,000 before the simple decline, as Trade Minister Howard Lottenic said that Trump is considering a path to relief the customs tariff for Mexican and Canadian goods governed by the North American Trade Agreement.

Ethereum also made a 4 % simple profit, but it has been at its lowest level for more than a year, which slightly over $ 2,150. There were greater gains for XRP, Cardano (ADA), Hedra (HBAR) and Bitcoin Cash (Bch).