{"id":2410098,"date":"2025-03-05T14:22:02","date_gmt":"2025-03-05T19:22:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/seldom-successful-method-repeals-biden-era-crypto-policy-washington-examiner\/"},"modified":"2025-03-05T14:27:10","modified_gmt":"2025-03-05T19:27:10","slug":"seldom-successful-method-repeals-biden-era-crypto-policy-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/seldom-successful-method-repeals-biden-era-crypto-policy-washington-examiner\/","title":{"rendered":"Seldom successful method repeals Biden-era crypto policy &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fseldom-successful-method-repeals-biden-era-crypto-policy-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2410098&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Senate has taken steps to repeal a \u2064cryptocurrency regulation introduced by former President Joe Biden just \u200cbefore \u200che left office. This repeal is\u200d being pursued through a rarely used legislative method known as\u200b the Congressional Review\u2062 Act, \u2064which allows Congress to disapprove of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-you-need-to-know-about-trumps-latest-drug-pricing-moves\/\" title=\"What You Need To Know About ...\u2019s Latest Drug Pricing Moves\">final rules<\/a> from executive agencies.The specific \u2063rule in question was implemented by\u200b the\u200d Internal Revenue Service (IRS) and required increased reporting on cryptocurrency transactions,\u200c a change that critics argue could hinder the growth of the cryptocurrency industry.<\/p>\n<p>On\u2063 Tuesday, the Senate passed a <a href=\"https:\/\/amzn.to\/3YuVZYV\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-happening-pennsylvania-state-legislature-files-resolution-disputes-statewide-2020-election-results\/\" title=\"It&#039;s Happening: Pennsylvania State Legislature Files ... -- DISPUTES STATEWIDE 2020 ELECTION RESULTS\">joint resolution<\/a> disapproving<\/a> the IRS rule with a vote of\u2064 70-27.For the repeal to \u2062take effect, it must\u200c also pass in the House of Representatives and be signed into law by President Donald \u200bTrump, who has indicated support for the measure.This legislative tool \u200dhas seen \u200blimited use\u2064 historically, with only 20 rules successfully\u2062 overturned as it was enacted in\u200b 1996.<\/p>\n<p>David\u200c Sacks, the Trump\u200b governance&#8217;s \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-selects-border-commissioner-in-flurry-of-selections-washington-examiner\/\" title=\"... selects border commissioner in flurry of selections - Washington Examiner\">crypto czar<\/a>, stated that the rule\u2064 imposed unneeded \u200dcompliance burdens and privacy concerns on decentralized finance \u2062(DeFi) companies, and expressed the administration&#8217;s commitment to \u200bfostering \u200ban \u2062innovative regulatory habitat. The Congressional Review Act allows \u2063Congress\u2063 to repeal rules that \u2064are finalized within 60 legislative days, primarily used \u2063at the beginning of a new presidency.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Senate uses seldom successful method to repeal Biden-era crypto regulation<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2028657\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>The <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/senate\/\" target=\"_blank\" rel=\"noopener\" title=\"Senate\">Senate<\/a> pushed forward the repeal of a cryptocurrency regulation former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\" rel=\"noopener\" title=\"Joe Biden\">Joe Biden<\/a> instituted in the waning days of his presidency via a rarely used repeal method.<\/p>\n<p>The <a href=\"http:\/\/washingtonexaminer.com\/tag\/internal-revenue-service\" target=\"_blank\" rel=\"noopener\" title=\"\">Internal Revenue Service<\/a> rule pushed by the Biden administration in December would require more reporting on cryptocurrency by providers, which critics have said would add challenges to the emerging industry.<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/senate\/3337497\/elissa-slotkin-democratic-response-trump-talked-big-game\/\">Elissa Slotkin says Trump &lsquo;talked a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/slotkins-rebuttal-trump-talked-a-big-game-but-lacks-economic-plan-washington-examiner\/\" title=\"Slotkin&#039;s rebuttal: ... \u2018talked a big game\u2019 but lacks economic plan - Washington Examiner\">big game&#038;rsquo<\/a>; but lacks economic plan in rebuttal speech<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/senate\/3336940\/senate-democrats-focus-doge-cuts-early-rebuttal-trump-joint-address\/\">Senate Democrats focus on DOGE cuts in early rebuttal to Trump joint address<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/senate\/3336785\/videos-democratic-senators-anti-trump-script-viral\/\">Videos showing dozens of Democratic senators reading same anti-Trump script go viral<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>Tuesday, the Senate passed a joint resolution 70-27 disapproving of the rule under the Congressional Review Act. The resolution must be approved by the House of Representatives and signed into law by President Donald Trump for the rule to be revoked.<\/p>\n<p>Prior to this year, the Congressional Review Act had successfully overturned 20 rules, according to the Congressional Research Service. The method overturned one rule in the 107th Congress, 16 in the 115th Congress, and three in the 117th Congress.<\/p>\n<p>Trump&rsquo;s crypto czar, David Sacks, said Tuesday that the White House supports the effort and would recommend that the president sign the legislation into law if it gets to his desk.<\/p>\n<p>&ldquo;This rule, issued as a midnight regulation in the final days of the previous Administration, would stifle American innovation and raise privacy concerns over the sharing of taxpayers&rsquo; personal information, while imposing an unprecedented compliance burden on American DeFi companies,&rdquo; the statement of administration policy shared by Sacks <a href=\"https:\/\/x.com\/davidsacks47\/status\/1896941181566894133?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1896941181566894133%7Ctwgr%5Ed24b9512e611edccb1cbe752aa2392c4037d5577%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F308605%2Ftrump-admin-supports-bill-repeating-irs-defi-rule\" target=\"_blank\" rel=\"noopener\" title=\"said\">said<\/a>.<\/p>\n<p>&ldquo;This Administration will continue to put the American people first by fostering a regulatory environment that supports innovation, creates jobs, and improves economic wellbeing for all Americans,&rdquo; the statement continued.<\/p>\n<p>The method used to push forward the repeal has rarely been used since it was signed into law in 1996 due to its limitations.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/news\/senate\/3336409\/senate-democrats-rekindle-filibuster-support-under-trump\/\" target=\"_blank\" rel=\"noopener\" title=\"SENATE DEMOCRATS REKINDLE THEIR LOVE FOR THE FILIBUSTER UNDER TRUMP\">SENATE DEMOCRATS REKINDLE THEIR LOVE FOR THE FILIBUSTER UNDER TRUMP<\/a><\/strong><\/p>\n<p>The law allows Congress to block final rules at executive agencies from going into effect via a joint resolution passed by a simple majority in both chambers of Congress and signed into law by the president. If the president does not support the joint resolution, Congress can also enact it through a veto override.<\/p>\n<p>The method can be used within 60 legislative days of a rule being finalized and has been exclusively utilized at the beginning of a new president&rsquo;s term since it became an option less than 30 years ago.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_2028657\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"2028657\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senate employs rare tactic to overturn Biden&#8217;s crypto rule<\/p>\n","protected":false},"author":2638,"featured_media":2410099,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/03\/biden-crypto-rule-senate-disapprove.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[32502,51583,51585,51584,32076],"class_list":["post-2410098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-biden-administration","tag-crypto-policy","tag-cryptocurrency-reforms","tag-financial-regulation","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/03\/biden-crypto-rule-senate-disapprove.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2410098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2638"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2410098"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2410098\/revisions"}],"predecessor-version":[{"id":2410110,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2410098\/revisions\/2410110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2410099"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2410098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2410098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2410098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}