Congress Targets IRS Crypto Regulations with Potential Reform

Congress has initiated action against IRS cryptocurrency regulations, aiming to modify rules implemented under the Biden administration. The Ways and Means Committee is currently reviewing a bill aimed at overturning the recent changes. This bill, which passed by 26-16 vote, requires a majority from both the House and Senate for enactment. **The proposal seeks to repeal the IRS’s revised transaction reporting policy.** This move signifies the growing focus on cryptocurrency regulation in the U.S.