Sources: The U.S. Senate is expected to vote to repeal a regulation set by the IRS that hinders the development of DeFi

ChainCatcher news, according to CoinDesk, sources familiar with the Senate plans revealed that the U.S. Senate is preparing to vote this week to overturn a regulation by the Internal Revenue Service (IRS) that is seen as a serious threat to decentralized finance (DeFi) by the crypto industry.

Last December, the IRS attempted to expand the definition of brokers required to disclose certain tax information, which put crypto DeFi projects in a difficult position. Some senators are trying to use the power of the Congressional Review Act to eliminate it, while also attempting to push through another last-minute regulation: the Consumer Financial Protection Bureau's rules regarding digital payment applications.