A majority of lawmakers in the U.S. House of Representatives voted to overturn an IRS rule treating crypto entities as brokers and requiring them to collect certain taxpayer and transaction information, including decentralized finance (DeFi) platforms.
With a 292-132 vote, a bipartisan majority in the House joined the U.S. Senate in advancing the Congressional Review Act resolution overturning the rule finalized in the closing days of former President Joe Biden’s administration.
Missouri Republican Jason Smith, urging his fellow lawmakers to vote for the resolution earlier in the day, said the IRS rule risked harming U.S. businesses and disincentivized innovation.
“There are real questions that the rule can ever even be administered,” he said. “DeFi exchanges are not the same as centralized crypto exchanges or traditional banks or brokers. DeFi platforms do not and cannot even collect the information from users needed to implement…
