The US House follows the Senate to pass the resolution to kill the IRS Defi Broker Rule
The US House of Representative has voted in favor of eliminating a policy that will require Finance (DEFI) decentralized protocols to report to the Internal Revenue Service.
On March 11, the House of Representative Vote 292 for and 132 against a motion to eliminate the so -called IRS defi broker rule that aimed at expanding existing IRS reporting requirements in crypto.
All 132 votes to maintain the rule are Democrats. However, 76 of those in the party joined the Republican vote to destroy it.
It follows March 4 of the US Senate Vote in motion To eliminate, found to pass a vote of 70 to 27.
The rule will force DeFI platforms, such as decentralized exchanges, to reveal gross profits from crypto sales, including information about taxpayers involved in transactions.
Speaking after the vote, Republican representative Mike Carey, who submitted a departure of movement, said, “The Defi Broker rule attacked the privacy of ten -ten -million Americans, prevented the development of an important new industry in the United States and eliminated the IRS.”
Congressman Mike Carey speaks after the vote. Source: Mike Carey
House Financial Services Committee Chairman French Hill also Pinalakppap The collapse of the rule, calling it “a clear example of government overreach that threatens to push the development of American digital assets abroad.”
The resolution will have to pass another vote to the Senate before being sent to President Donald Trump, who signed up to support him.
Those who oppose the rule of removal include Democrat representative Lloyd Doggett, who said taking a “special exemption of interest” from the disclosure of IRS “makes it easier to avoid taxes and extend money for wealthy Republican donors using these decentralized exchanges.”
He claimed that killing the rule would create a “loophole that would be exploited by wealthy tax cheats, drug traffickers and terrorist financiers.”
Related: US lawmakers are moving forward in resolving to eliminate ‘unfair’ crypto tax rule
In early March, White House AI and Crypto Czar David Sacks said the administration Support Congress’s efforts to restore Defi Broker’s rule.
At this time, officials from the Management and Budget Office wrote “This rule … will avoid modern American and raise privacy concerns in sharing personal information of taxpayers, while imposing an uninterrupted burden on compliance with American Defi companies.”
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