Ted Cruz leads Senate effort to nullify IRS crypto reporting mandate in the U.S.
The United States Senate is set to vote this week on a resolution led by Senator Ted Cruz aimed at overturning the Internal Revenue Service’s new crypto reporting mandate.
The resolution, introduced under the Congressional Review Act (CRA), seeks to nullify the December 2024 rule that requires decentralized crypto projects to disclose operational details and tax-related information, according to Crypto News.
The IRS rule has drawn sharp criticism from the cryptocurrency industry, with experts warning that its broad reporting requirements could stifle innovation and push blockchain startups out of the United States.
Proponents of the resolution argue that the rule imposes excessive compliance burdens on decentralized finance (DeFi) platforms, many of which lack the centralized structures necessary to meet reporting obligations.
Crypto regulations under scrutiny
Cruz’s initiative is part of a broader push by lawmakers to reassess regulatory policies affecting digital assets.
Alongside the IRS rule, the Senate is also expected to vote on a separate resolution targeting the Consumer Financial Protection Bureau’s (CFPB) recent rule on digital payment applications. That measure, introduced by Senator Pete Ricketts, seeks to roll back proposed guidelines that would extend consumer protection laws to crypto-based payment systems.
The push to overturn these regulations aligns with the new administration’s shift in approach to digital assets. President Donald Trump has signaled a departure from the restrictive stance seen under former President Joe Biden, with House Republicans and Democrats forming a bipartisan Congressional Crypto Caucus to support industry growth.
If the Senate votes in favor of Cruz’s resolution, the IRS mandate could be repealed, marking a significant victory for the crypto sector in its ongoing battle against federal oversight.
Meanwhile, Senator Ted Cruz is also championing Texas as a global hub for Bitcoin innovation in the U.S., aligning the state’s resources with the growing digital asset industry. With three Bitcoin mining facilities in West Texas, Cruz is merging advocacy with action.
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