Congress Advances Pro-Crypto Stance With IRS Rule Repeal and Stablecoin Bills

Bipartisan support for crypto legislation signals a shift in U.S. regulatory dynamics, with stablecoin oversight and market structure rules gaining traction.

The U.S. Congress repealed an IRS rule targeting DeFi projects, with significant bipartisan backing from both Democrats and Republicans.
Crypto lobbyists see growing political support, bolstered by industry-funded PACs like Fairshake, which spent heavily in the 2024 election cycle to elect pro-crypto lawmakers.
Legislation on stablecoins, including the GENIUS Act and STABLE Act, aims to establish clear reserve, auditing, and licensing standards to ensure financial stability and consumer protection.
Stablecoins are positioned as a tool to modernize U.S. financial infrastructure, reinforce the dollar’s global dominance, and improve transaction efficiency and accessibility.
Critics, including Senator Elizabeth Warren, warn of potential risks, but proponents argue that balanced regulation will foster innovation while addressing concerns about misuse.