The Senate pushed forward the repeal of a cryptocurrency regulation former President Joe Biden instituted in the waning days of his presidency via a rarely used repeal method. The Internal Revenue Service rule pushed by the Biden administration in December would require more reporting on cryptocurrency by providers,

WASHINGTON—The Senate voted to repeal a Biden-era rule requiring that some cryptocurrency platforms report their customers’ transactions to the Internal Revenue Service, delivering a bipartisan victory to the ascendant industry.

The Senate Tuesday voted on two measures to overturn crypto-related regulations inked late in the Biden administration. Why it matters: Both regulations, the IRS' DeFi broker rule and a digital-payments rule from the Consumer Financial Protection Bureau,