- Congress plays ‘Repeal the Rule,’ and it’s Trump’s turn to roll the dice! 🎲😆
- Crypto critics cry foul over possible tax trickery; markets shrug ambiguously. 🤷♂️💸
It appears the U.S. lawmakers have decided that the “DeFi Broker Rule” is about as welcome as a vampire at a garlic festival. 🧛♂️🧄 This rule, brought to you by the Biden administration, had the IRS all set to snoop on every DeFi transaction like it was the latest gossip column.
In what can only be described as a legislative plot twist worthy of a Discworld novel, both the Senate and the House have said, “Not today, IRS!” citing it as a potential buzzkill for innovation and a privacy peeper. 😏💡
DeFi’s IRS Rule: The Final Countdown 🕒✨
The resolution, S.J.Res.3, sailed through the Senate with a70-28 vote and the House with a292-132 majority, sending a bipartisan message as clear as a slap with a wet fish. 🐟💥
Now, it’s up to President Donald Trump to put his John Hancock on the repeal, potentially turning the DeFi regulatory landscape into a rollercoaster ride with more twists than a pretzel. 🎢🥨
The Senate’s nod was as expected as rain in Ankh-Morpork, following a similar motion passed earlier in March.
Due to some arcane budgetary rules (probably written by wizards), the House had to conjure up its own version, passed on the11th of March. This version then boomeranged back to the Senate for the final say-so. 🧙♂️🔮
With Trump’s AI and crypto whisperer, David Sacks, giving the thumbs up, the momentum against the regulation is building faster than a troll in a china shop. 🤖👍
The rule, intending to make DeFi platforms spill the beans on every transaction, faced backlash worse than a witch at a ducking stool. 🧙♀️🦆
Critics in a Tizzy 😡🎭
Blockchain Association’s CEO, Kristin Smith, was practically doing cartwheels, stating,
“After its second bipartisan victory in the Senate, the resolution to give the DeFi-killing broker rule the boot now sits on President Trump’s desk, waiting for the final flourish.” 🖋️✨
She went on to thank everyone from Senator Cruz to Representative Carey, and all those who voted to send the rule packing. 🎉👏
However, not everyone was throwing confetti. Critics, like Democratic Representative Lloyd Doggett, argued that repealing the rule was akin to giving tax dodgers and ne’er-do-wells a free pass. 🎩💰
Doggett warned that without the rule, we might as well roll out the red carpet for tax cheats and less-than-savory characters. 🚩🕵️♂️
Market Mood Swings 📈📉
Meanwhile, the crypto market is feeling as indecisive as a teenager choosing an outfit, with the global market cap dipping slightly to $2.86 trillion. 😵💔
Bitcoin [BTC] and Ethereum [ETH] are doing their own little dance, with Bitcoin at $87,480.97 after a tiny dip and Ethereum taking a bit of a tumble to $2,027.13. 🕺💃
As the regulatory tango continues, market watchers are keeping a keen eye on how these shenanigans might shape the future of DeFi. 🧐🔮
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2025-03-27 14:23