The US House of Representatives has decisively voted to repeal a controversial IRS rule that required DeFi platforms to disclose transaction details. This comes after a similar Senate vote.
Broad Congressional Support
On March 11, the House voted 292-132 to overturn the rule that would have classified DeFi protocols as brokers. This would have forced them to report gross proceeds from crypto sales and identify individuals involved in these transactions.
Bipartisan Support with Remaining Divisions
The repeal saw 76 Democrats join Republicans in support, but all 132 votes against came from Democrats, showing a divide over government oversight in the crypto industry. Democratic Representative Lloyd Doggett spoke against the repeal, arguing it creates loopholes for tax evasion and illegal activities.
White House Backs Repeal
The resolution now awaits a final vote in the Senate and possible approval by President Donald Trump. The White House has already signaled support for the repeal, citing privacy and regulatory overreach concerns.
If enacted, this legislative move will officially repeal a rule imposing strict scrutiny on DeFi platforms, marking a key step in shaping cryptocurrency regulation in the US.
