Texas Border Project
WASHINGTON, D.C. — The US Senator voted 70-28 in the final passage of the AA resolution written by US Senator R-Texas. The resolution had passed through the house before.
The rule defined these developers as “brokers,” but did not mention any of the cryptocurrencies being exchanged. The resolution has passed both chambers of Congress and is now waiting for the President to be signed to become law.
On the passage, Senator Cruz said, “Cryptocurrency has become a major driver for creating new markets and diversifying the economy. Americans know that, and are supported by the overwhelming bipartisan majority who will vote for my resolution tonight.
An industry letter, signed by more than 75 members of the Blockchain Association, called for the passage of the Senator Ted Cruz (R-Texas) CRA.
background
The Internal Revenue Service rules that are repealed by Senator Cruz’s resolution in reporting total revenues by brokers who regularly provide services that affect the sale of digital assets. The rules were finalized on December 30th, 2024.
Senator Cruz’s resolution was approved as follows:
The Digital Chamber, Blockchain Association, Defi Education Fund, Cedar Innovation Foundation, Uniswap, Paradigm, Crypto Currency Council for Innovation, DCG, Crypto, Crypto, Coin Center, Coin Center, Texas Blockchain Association, Crypto Freedom Alliance of Texas, Pennsylvania Blockchain Coalitive, North Carolina Blockchain Coality, Blockchain Council, and California Blockchain Advocacy Union.
