The US House of Representatives is expected to vote today on a resolution to repeal the Internal Revenue Service (IRS) DeFi broker rules, following an overwhelming vote in favor of the repeal in the Senate last week, which passed with a 70-27 vote.
Vote on IRS DeFi Broker Rule Today
Fox journalist Eleanor Terrett reported that the House vote comes after the Senate’s approval, which received more Democratic support than anticipated, including backing from prominent Democrats such as Senate Majority Leader Chuck Schumer and Senator Mark Warner.
The rule in question requires developers of DeFi (Decentralized Finance) protocols and decentralized applications to report user transaction information to the IRS. This regulation has previously faced strong opposition from the crypto industry, which argues that it is technically difficult to implement and lacks a clear legal basis. Should the House pass the resolution, the repeal process will be complete, marking a significant win for the crypto industry in its ongoing regulatory battle.
Notably, the push to repeal the IRS DeFi broker rules has garnered support not only from within the crypto community but also from figures tied to the Trump administration. Among them is White House AI and crypto czar, David Sacks, who recently publicly backed the rollback of the regulation. His support aligns with lawmakers who view the rule as an overreach that could stifle the growth of the cryptocurrency sector.
In a statement, Sacks emphasized that the IRS regulation misunderstands the core purpose of DeFi technologies, which aim to facilitate free and open exchanges of digital assets without excessive regulatory burdens.
Senator Ted Cruz and Senate Majority Leader John Thune have also voiced their support for nullifying the IRS rule.
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Source: https://www.cryptonewsz.com/us-vote-repeal-irs-defi-broker-rule-today/