After the U.S. Senate voted to abolish the Decentralized Finance broker rules of the Internal Revenue Service (IRS), the House of Representatives also voted on Tuesday to pass the same. The Senate will vote on the resolution again, and if it passes, U.S. President Trump will sign it into law, permanently prohibiting the IRS from making similar rules to avoid detrimental effects on the Decentralized Finance sector. Following the U.S. Senate's 70-27 vote to abolish the IRS Decentralized Finance broker rules, the House of Representatives also passed the Congressional Review Act (CRA) with a vote of 292-132 on Tuesday. The House overturned the IRS Decentralized Finance broker rules, which were derived from the tax reporting requirements of the Infrastructure Investment and Jobs Act passed in 2021. The rules treat encryption entities as brokers, requiring them to collect specific taxpayer and transaction information. This rule has been widely criticized by the blockchain industry, viewed as a violation of the Administrative Procedure Act and infringement of privacy and due process rights protected by the Constitution. Missouri Republican Representative Jason Smith urged colleagues to support the repeal of the rule, warning that the IRS rules could harm U.S. businesses and stifle innovation. After the House voted to abolish the rule, the Senate will need to vote on the resolution again before sending it to President Trump for signing. Once signed, the IRS will be prohibited from proposing similar regulations. Some representatives hold opposing views, with Democratic Representative Danny Davis arguing that the rule originated from the bipartisan Infrastructure Investment and Jobs Act passed in 2021. Texas Democratic Representative Lloyd Doggett criticized the repeal of the rule as special interest legislation that could be exploited by wealthy tax evaders, drug traffickers, and terrorist financiers, potentially adding $40 billion to the U.S. national debt, contradicting Trump's debt reduction goals.
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Decentralized Finance major victory》The U.S. House of Representatives voted to pass the 'Repeal IRS Decentralized Finance Broker Rules'
After the U.S. Senate voted to abolish the Decentralized Finance broker rules of the Internal Revenue Service (IRS), the House of Representatives also voted on Tuesday to pass the same. The Senate will vote on the resolution again, and if it passes, U.S. President Trump will sign it into law, permanently prohibiting the IRS from making similar rules to avoid detrimental effects on the Decentralized Finance sector. Following the U.S. Senate's 70-27 vote to abolish the IRS Decentralized Finance broker rules, the House of Representatives also passed the Congressional Review Act (CRA) with a vote of 292-132 on Tuesday. The House overturned the IRS Decentralized Finance broker rules, which were derived from the tax reporting requirements of the Infrastructure Investment and Jobs Act passed in 2021. The rules treat encryption entities as brokers, requiring them to collect specific taxpayer and transaction information. This rule has been widely criticized by the blockchain industry, viewed as a violation of the Administrative Procedure Act and infringement of privacy and due process rights protected by the Constitution. Missouri Republican Representative Jason Smith urged colleagues to support the repeal of the rule, warning that the IRS rules could harm U.S. businesses and stifle innovation. After the House voted to abolish the rule, the Senate will need to vote on the resolution again before sending it to President Trump for signing. Once signed, the IRS will be prohibited from proposing similar regulations. Some representatives hold opposing views, with Democratic Representative Danny Davis arguing that the rule originated from the bipartisan Infrastructure Investment and Jobs Act passed in 2021. Texas Democratic Representative Lloyd Doggett criticized the repeal of the rule as special interest legislation that could be exploited by wealthy tax evaders, drug traffickers, and terrorist financiers, potentially adding $40 billion to the U.S. national debt, contradicting Trump's debt reduction goals.