US House votes to overturn IRS defi broker rule

The United States legislators voted to remove the controversial rule of the Internal Revenue Service which would have forced decentralized financing platforms to report user transactions.

The motion against the Rule of broker Irs Defi experienced bipartite support, the American House of Representatives Voting 292-132 In favor of repealing the rule on March 11. While the 132 opposite votes came from the Democrats, 76 of the party crossed the aisle to join the Republicans to support the repeal.

THE DEFI broker rule would have required decentralized exchanges and other DEFI platforms to report the details of the transaction, including user information and gross sales products from Crypto to IRS.

The criticisms of the measure argued that he had placed an unreasonable burden on the DEFI platforms and raised confidentiality problems concerning the collection of taxpayers.

According to the Republican representative Mike CareyThe rule was a “overcoming of the massive government” which would have “invaded the privacy of tens of millions of Americans” while stifling an emerging industry.

The president of the financial services committee of the Chamber French Hill also echo These concerns, calling for the rule “a clear example of overcoming government” which risked stimulating the development of digital assets abroad.

The House vote follows the Senate’s decision on March 4, where the legislators also decided to establish the rule with a majority of 70-27. As before reported By Crypto.News, the Chamber advanced a resolution to repeal the rule on February 26.

The two chambers of the Congress Voting to repeal the rule, the resolution now returns to the Senate for a final vote before landing on the office of President Donald Trump.

The White House has already Support reported for the repeal of the ruleThis makes it likely that the repeal will be signed.