US House of Representatives votes to overturn IRS DeFi broker rules

PANews reported on March 12 that according to CoinDesk, the U.S. House of Representatives passed a resolution on Tuesday to overturn the U.S. Internal Revenue Service (IRS) broker rules for decentralized finance (DeFi) platforms. The rule requires crypto entities to collect specific taxpayer and transaction information, which is difficult for DeFi platforms to implement. Previously, the U.S. Senate had voted to pass the resolution , but due to budget rules, it still needs to be voted on again before it can be sent to President Trump for signature. Senior advisers to the Trump administration have advised him to sign the resolution, and once it takes effect, the IRS will be prohibited from proposing similar regulations again.

Jason Smith, a Republican congressman from Missouri who supports the resolution, said the rule could harm American businesses and inhibit innovation, and that DeFi platforms cannot collect user data like traditional brokers. Opponents believe that the move will be used by “rich tax evaders, drug dealers and terrorists” and could increase the national debt by $40 billion.