Sen. Ted Cruz is introducing a measure aimed at overturning the IRS’s rule requiring certain cryptocurrency brokers to report details of sales and exchanges, giving Republicans the ability to overturn the Biden-era regulation in the coming weeks.
Cruz (R-Texas) plans to introduce legislation Jan. 21 that would allow him to fast-track a Senate vote to halt the requirements for decentralized exchanges. Known as DeFi, they tend to be automated platforms without backing by a particular company in comparison to other more traditional securities brokers.
“This rulemaking is an effort to target decentralized finance,” Cruz said in a statement. “It would ...