House of Representatives Joins Senate in Approving Resolution to Overturn IRS DeFi Broker Rule
The US House of Representatives voted to repeal a rule requiring DeFi protocols to report to the IRS. On March 11, the House voted 292 to 132 in favor of repealing the rule. All 132 votes to keep the rule were from Democrats, but 76 of them joined Republicans in repealing it.
This vote follows the US Senate’s March 4 vote, where the motion to repeal passed with a vote of 70 to 27. The rule would have required DeFi platforms to disclose crypto sales information to the IRS.
Republican Representative Mike Carey, who submitted the repeal motion, stated that the rule invaded privacy, hindered industry development, and overwhelmed the IRS. House Financial Services Committee Chairman French Hill also applauded the repeal, citing government overreach threatening American digital asset development.
Congressman Mike Carey speaking after the vote. Source: Mike Carey
The resolution needs to pass another Senate vote before reaching President Donald Trump, who is expected to support it. Democrat Representative Lloyd Doggett opposed the repeal, claiming it would make tax evasion easier for wealthy donors using decentralized exchanges.
Related: US lawmakers advance resolution to repeal ‘unfair’ crypto tax rule. In early March, White House AI and crypto czar David Sacks announced support for congressional efforts to rescind the DeFi broker rule, citing concerns over privacy and innovation stifling.
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