Welcome to our last dispatch of the Biden administration era. Bitcoin is ticking up again ahead of the inauguration, but options traders aren't betting on a wild swing up (in fact, not a few are betting on down).

• And the Senate is moving to take down some of the sitting president's last moves.
• Email us: crypto@axios.com

Today's newsletter is 735 words, a 3-minute read.

Senate Majority Leader John Thune (R-S.D.) has a "fairly lengthy list" of last-minute Biden regulations that Republicans may try to undo in the coming weeks, he tells Axios — including the IRS broker reporting rule for digital assets.

Between the lines: The Congressional Review Act (CRA) gives Congress until mid-May to reverse what Republicans are calling the "midnight rules" of the Biden administration.

State of play: Sen. Ted Cruz (R-Texas) will kick things off next week by introducing three resolutions to erase Biden moves on crypto, energy and internet access.

• "We are scrubbing right now to determine what is eligible," Thune said at an event Tuesday at the American Petroleum Institute.

How it works: CRA resolutions have to pass with majority votes in both chambers of Congress.

• Those votes can only happen 15 legislative days into a new Congress — the power won't be available until late January or early February. The window for action closes 60 days in.

The IRS broker reporting rule has sparked outrage in crypto circles.

• It requires reporting on income earned in cryptocurrencies but expands the definition of "broker" in the digital asset space in ways critics say misunderstand decentralized platforms and stifle innovation.
• Three crypto advocacy orgs sued over the rule in December.

What they're saying: Cruz, who chairs the Commerce committee, tells Axios that he is confident his three resolutions will pass. He expects the process to move "expeditiously."

• Sens. Cynthia Lummis (R-Wyo.), who chairs the new crypto subcommittee, is a co-sponsor of the crypto resolution, along with Bill Hagerty (R-Tenn.) and Tim Sheehy (R-Mont.).
• "Many in the Democratic party, led by Elizabeth Warren and Gary Gensler, have a deep and abiding antipathy to Bitcoin and cryptocurrency," Cruz tells Axios.

Zoom out: The Blockchain Association, one of the litigants in the suit against the rule, praised the effort in a statement.

• The 2021 infrastructure bill, which kicked off the broker rule saga, "was a lightning rod that sparked the crypto tidal wave into politics," Ron Hammond, government relations chair at the Blockchain Association, tells Axios. "Sen. Ted Cruz has been pushing for the broker rule repeal since Day 1."

What to watch: The law doesn't give a new Congress blanket authority to undo all of the previous administration's final rules and regulations.