Online reported that on Tuesday, the U.S. Senate, with strong support from many Democrats, successfully passed a resolution aimed at repealing the Biden administration's cryptocurrency tax rules, which may be the biggest obstacle to eliminating the new IRS broker rule that was originally planned to cover decentralized financial DeFi. The Senate voted 70 - 27 to pass the resolution authorized under the Congressional Review Act to completely repeal the extension of the IRS broker rule. However, the House still needs to pass an identical resolution before U.S. President Trump can sign it into law. Once completed, not only will the rule be completely repealed, but the IRS will also be prohibited from implementing similar policies in the future. The House Financial Services Committee has passed an identical resolution and recommended approval on a full House vote, which is still pending. The White House said earlier today that the president may sign the resolution quickly.