{"id":124880,"date":"2025-03-12T04:15:54","date_gmt":"2025-03-12T04:15:54","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=124880"},"modified":"2025-03-12T04:15:54","modified_gmt":"2025-03-12T04:15:54","slug":"us-house-follows-senate-in-passing-resolution-to-kill-irs-defi-broker-rule","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=124880","title":{"rendered":"US House follows Senate in passing resolution to kill IRS DeFi broker rule"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe US House of Representatives has voted in favor of nullifying a rule that would have required decentralized finance (DeFi) protocols to report to the Internal Revenue Service.<br \/>\nOn March 11, the House of Representatives voted 292 for and 132 against a motion to repeal the so-called IRS DeFi broker rule that aimed to expand existing IRS reporting requirements to crypto.<br \/>\nAll 132 votes to keep the rule were Democrats. However, 76 of those in the party joined the Republican vote to repeal it.\u00a0<br \/>\nThis follows the US Senate\u2019s March 4 vote on the motion to repeal, which saw it pass with a vote of 70 to 27.<br \/>\nThe rule would force DeFi platforms, such as decentralized exchanges, to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.<br \/>\nSpeaking after the vote, Republican Representative Mike Carey, who submitted the repeal motion, said, \u201cThe DeFi broker rule invades the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States and would overwhelm the IRS.\u201d<br \/>\nCongressman Mike Carey speaking after the vote. Source: Mike CareyHouse Financial Services Committee Chairman French Hill also applauded the overturning of the rule, calling it \u201ca clear example of government overreach that threatens to push American digital asset development overseas.\u201d<br \/>\nThe resolution will need to pass another Senate vote before being sent to President Donald Trump, who has signaled he\u2019d support it.<br \/>\nThose opposing the rule repeal included Democrat Representative Lloyd Doggett, who said getting a \u201cspecial interest exemption\u201d from IRS disclosures \u201cmakes tax evasion and money laundering so much easier for wealthy Republican donors who have been using these decentralized exchanges.\u201d<br \/>\nHe claimed killing the rule would create a \u201cloophole that would be exploited by wealthy tax cheats, drug traffickers and terrorist financiers.\u201d<br \/>\nRelated: US lawmakers advance resolution to repeal \u2018unfair\u2019 crypto tax rule<br \/>\nIn early March, White House AI and crypto czar David Sacks said the administration would support congressional efforts to rescind the DeFi broker rule.<br \/>\nAt the time, officials from the Office of Management and Budget wrote \u201cThis rule \u2026 would stifle American innovation and raise privacy concerns over the sharing of taxpayers\u2019 personal information, while imposing an unprecedented compliance burden on American DeFi companies.\u201d\u00a0<br \/>\nMagazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express<a href=\"https:\/\/cointelegraph.com\/news\/us-house-follows-senate-kill-irs-defi-broker-rule?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe US House of Representatives has voted in favor of nullifying a rule that would have required decentralized finance (DeFi) protocols to report to the Internal Revenue Service.&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124880"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124880"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124880\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124880"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}