The majority of lawmakers in the US House of Representative voted to overthrow an IRS rule that treats crypto entities as brokers and asks them to collect some taxpayer and transaction information, including decentralized financial platforms (DeFI).
By a vote of 292-132, a bipartisan majority at home joined the US Senate at Advancing a Resolution in Congress Review Law Removal of the rule that has been finalized in the days of the closing of the former President Joe Biden.
Missouri Republican Jason Smith, who encouraged his fellow lawmakers to vote for the resolution earlier in the day, the IRS Rule said that involved US businesses and did not care.
“There are real questions that the rule can be handled,” he said. “Defi exchanges are not the same as the Crypto exchange or traditional banks or brokers. Defi platforms are not and cannot collect information from users needed to implement this rule.”
Last week, 70 senators voted to overthrow the ruleand senior advisers of President Donald Trump It is recommended He signed the provision. However, the Senate must re -approve the resolution due to budget policies, Rep. Jason Smith (R-MO.). If it approved the resolution and Trump signed it, the IRS would be a hindrance from ever bringing a similar rule again.
Illinois Democrat Danny Davis pushed back against the resolution, noting that it came from the 2021 Bipartisan Infrastructure Investment and Jobs Act, and comparison of crypto with stocks.
“When you sell stock with a stock broker, the broker reports the sales proceeds from both of you and the Internal Revenue Service,” he said. “Perhaps to no surprise, when there is an independent report on these sales, taxpayers are more likely to report their income to the Internal Revenue Service.”
North Carolina Republican Tim Moore said the rule was “beyond the goal of Congress with a law of 2021.
“This rule has put an impossible burden on software developers that threaten American leadership in digital asset change,” he said.
Texas Democrat Lloyd Doggett called the resolution “Special Law of Interest,” adding that it could “exploit wealthy taxes, drug traffickers and terrorist financials,” and add $ 4 billion to national debt, as opposed to the President’s President’s Donald Trump’s expressed purpose.
Tuesday’s vote preceded the House vote in an ongoing resolution to fund the US government until Sept. 30, 2025, which passed with 217 votes in favor of 213 votes against. The funding resolution today went to the Senate.
