Senator Ted Cruz secures repeal of federal cryptocurrency regulation

The President of the United States has signed a resolution introduced by Texas Senator Ted Cruz, repealing an Internal Revenue Service (IRS) rule that required market participants to disclose information about cryptocurrency transactions.

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This marks the first initiative in the field of digital assets to become law. The resolution removes the requirement to provide the IRS with detailed data on cryptocurrency transfers — a move supporters say reduces the administrative burden on market participants and protects transaction privacy.

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Opponents argue that repealing the rule could hinder efforts to combat money laundering and illicit financing through cryptocurrencies.

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Nevertheless, in Texas the decision has been welcomed as an important step toward creating more business-friendly regulation for the blockchain industry and attracting investment into the digital assets sector.

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