<ul><li>The US Senate has voted to revoke a rule passed by the Biden administration that required cryptocurrency platforms to report customer transactions to the IRS.</li><li>The rule, aimed at enhancing tax compliance, would have required crypto firms to provide detailed customer information starting in the 2027 tax year.</li><li>The crypto sector argued that its platforms facilitating peer-to-peer exchanges shouldn't be classified as brokers, sparking the opposition to the rule.</li><li>Repealing the rule is estimated to result in a loss of $3.9 billion in government revenue over a decade, according to the Joint Committee on Taxation.</li></ul>

Senate Revokes Crypto Tax Reporting Rule Passed Under Biden

Discover more