U.S. Senate Passes Bill to Repeal Cryptocurrency Tax Provisions, Paving the Way for Bitcoin Privacy Restorations

In a significant legislative move on March 27, the U.S. Senate voted decisively to repeal the cryptocurrency tax provisions instituted by the previous administration. The resolution garnered a noteworthy 70 votes in favor against 28 opposing, and it is now set to be reviewed by President Trump for approval. This pivotal legislation addresses recent measures that mandated certain DeFi platforms to disclose user transaction data, positioning them as security brokers and necessitating the issuance of 1099 forms. Such requirements had raised substantial concerns about user privacy and regulatory compliance within the crypto space. According to David Sacks, the White House’s Crypto Advisor, the recommendation from senior aides is to endorse the bill, potentially marking a historical moment as the inaugural cryptocurrency legislation signed under the Trump administration. This development closely illustrates the evolving regulatory landscape surrounding digital assets.