The United States Senate is ready to vote this week about the rethum of a rule of the Internal Revenue Service (IRS), that the cryptographic industry has declared a serious threat to decentralized finances (DEFI), according to a person familiar with the planning of the Senate.
The IRS attempt in December to expand the world of the runners required to reveal certain fiscal information caught cryptographic projects, and some senators seek to use the powers of the Congress Review Law to erase it, together with another 11 -hour regulation: a rule of the consumer financial protection office on digital payment requests.
Senator Ted Cruz introduced a CRA resolution to throw the work of the IRS, and Senator Pete Ricketts is behind the CFPB resolution, which are being scheduled for the action this week, the person said.
“The Biden administration did everything possible to quell financial innovation in the United States, threatening to send digital asset companies abroad,” said the leader of the majority, John Thune, in a statement. “The Senate is working to undo these regulations one at a time to restore financial freedom for the US people.”
The Financial Services Committee of the House of Representatives moved last week to send an IRS resolution coinciding to the floor of the Chamber to vote, and an action of the Senate would further boost the effort, which needs approval both in the cameras and in a presidential firm before it becomes law.
“In a midnight movement, the Biden administration issued its decentralized finance rule, which would directly and immediately damage the innovation of US cryptocurrencies and boost development abroad,” said Cruz, the Texas Republican leading the position against the IRS rule. “This week, Congress will vote on my resolution to terminate that regulation. I am sure we will.”
These reversions of the federal agency rules must occur under adjusted deadlines, because the elimination of regulators’ work is governed by deadlines in the CRA, based on a limited window of legislative days since each regulation was approved. As in the first administration of President Donald Trump, his second is what makes a priority to reverse part of the work of the regulators of his predecessor.
The CFPB rule requires that large technology companies that offer digital wallets and payment applications and process a high level of consumer payments, including giants such as Apple, Amazon and Google, to be regulated more intensively, as are the great US banks.
“After its electoral loss, the Biden-Harris CFPB ran a rule of the eleventh hour to attack the requests for payment of the non-bank consumer,” Senator Ricketts, Republican of Nebraska, said in a statement. “This unique solution for everyone in search of a problem unnecessarily expands the authority of the CFPB. Our legislation eliminates barriers to innovation, cuts the bureaucracy and supports our employment creators. “
These two rules ended in the last days of the administration of President Joe Biden came from a couple of entities that have been brilliant in the radar of Republican legislators: IRS and CFPB. US taxes have been a priority of the new administration, as well as the objective of the party to set aside the consumer protection regulator.
Also this week, the White House is planning a cryptographic summit for March 7, according to Trump’s Crypto, David Sacks, who published it on social networks. The announcement said it will include founders, CEO and relevant regulators.
Read more: The Committee of the US House of Representatives
