U.S. House To Vote On Repeal Of IRS DeFi Broker Rule

According to Odaily, the U.S. House of Representatives is set to vote on Tuesday regarding the repeal of the IRS DeFi broker rule. This follows the Senate's overwhelming approval of the repeal last week with a 70-27 vote. The Senate's decision saw unexpected support from key Democrats, including Senate Majority Leader Chuck Schumer and Senator Mark Warner. The rule in question mandates that developers of DeFi protocols and decentralized applications report user transaction information to the IRS. The cryptocurrency industry has strongly opposed this rule, citing technical challenges and insufficient legal grounds. If the House approves the resolution, it will complete the repeal process, marking a significant regulatory victory for the crypto industry.