The US Senate is ready to vote this week to reverse an Internal Revenue Service (IRS) rule that the crypto industry has declared a serious threat to decentralized funding (DEFI), according to a person familiar with the Senate’s planning.

IRS’s attempts in December to expand the brokers required to disclose certain tax information, encrypted crypto-defi projects, and some senators seek to use the powers of the Congress Review Act to delete it with another 11 hour regulation: a consumer financing protection agency rule on digital payment apparatus.

Senator Ted Cruz introduced a cra decision to throw out the IRS plant and Senator Pete Ricketts is behind the CFPB resolution, both programmed for action this week, the person said.

“The Biden administration did everything it could to stifle financial innovation in the United States, threatening to send digital asset companies abroad,” majority manager John Thune said in a statement. “The Senate is working to regret these burdensome rules one at a time to restore financial freedom for the American people.”

Last week, the House Financial Services Committee moved to send a matching IRS decision to the House Bound, and a Senate Action would further propel the effort that needs approvals in both chambers and a presidential signature before it is allowed.

“In a midnight movement, Biden issued their decentralized financial rule, which would directly and immediately harm American cryptocurrency -Innovation and develop abroad,” said Cruz, Texas Republican, who brought the charge against the IRS rule. “This week Congress will vote on my decision to cancel this regulation. I am convinced that we will.”

Such reversing of the federal agency rules must be made under tight timelines because the removal of the regulators’ work is controlled by limits in CRA, based on a limited window with regulatory days since each regulation was approved. As in President Donald Trump’s first administration, his second is the same as a priority to turn some of the work in his predecessor’s regulators.

The CFPB rule calls for large tech companies that offer digital wallets and payment apps and treat a high level of consumer payments – including such giants as Apple, Amazon and Google – more intensively regulated as the big US banks are.

“After their election loss, the Biden-Harris CFPB rushed an eleventh hour rule to attack non-bank-digital consumer payment applications,” Senator Ricketts, a Nebraska Republican, said in a statement. “This one -size solution fits everyone in search of a problem unnecessarily expands CFPB’s authority. Our legislation eliminates barriers to innovation, cutting bureaucracy and supporting our job creators. “

These two rules that were completed in the last days of the administration of President Joe Biden came from a few units that have been bright on Republican lawmakers’ radar: IRS and CFPB. US taxation has been a highest priority for the new administration, as well as the party’s goals for sideline consumer protection regulator.

This week, too, the White House is planning a crypto summit for March 7, according to Trump’s Krypto -Czar, David Sacks, who posted it on social media. The message said it will include founders, CEOs and relevant regulators.

Read more: The US House Committee promotes efforts to delete the IRS ‘Defi Tax Rule