The US Senate voted 70-28 on Wednesday night to repeal the Internal Revenue Service (IRS) DeFi broker rule, which was finalized weeks before the Trump administration took office. The resolution will be sent to President Donald Trump, who is expected to sign it into law. White House Czar of artificial intelligence and cryptocurrency David Sachs said Trump's top advisers plan to advise him to do so. Texas Republican Senator Ted Cruz and Ohio Republican Representative Mike Carey introduced a joint resolution to repeal the IRS rules finalized in late December in the final days of the Biden administration. The rule requires certain "decentralized finance industry players" to operate like traditional securities brokers, requiring them to collect and report user transaction data. It also requires them to issue Form 1099 tax returns to their clients, reporting non-employment income such as gambling profits, rents and royalties. According to the US Treasury, the finalized rule applies to "front-end service providers" that interact directly with "customers," indicating that it targets the entity that runs the primary website that accesses the decentralized protocol, rather than the protocol itself.