The U.S. Senate introduced a bill to repeal the "Broker DeFi Rule," which requires decentralized finance platforms to report user data to the IRS, drawing criticism from the industry

On March 4, the U.S. Senate introduced a bill to repeal the Congressional Review Act (CRA) aimed at reversing the "Broker DeFi Rule" adopted under the Biden administration. This rule required decentralized finance (DeFi) platforms to report user data to the U.S. Internal Revenue Service (IRS), raising concerns about privacy and adding additional burdens on the industry. Critics argue that the rule incorrectly treats DeFi platforms as intermediaries, which could lead to data leaks and the relocation of businesses abroad. With support for repeal from crypto experts and political figures, the likelihood of the repeal is high.