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The U.S. House of Representatives voted to repeal a regulation that mandated DeFi platforms to collect consumer and transaction data and submit it to the Internal Revenue Service (IRS).
Members of the House of Representatives voted to rescind the IRS DeFi dealer rule, officially known as “Gross Proceeds Reporting by Brokers That Commonly Present Services Effectuating Digital Asset Sales.” The U.S. Senate had previously passed a similar measure endorsing the repeal of the IRS regulation.
The IRS DeFi dealer rule, introduced on December 30, 2024, was scheduled to take effect on January 1, 2027. Under this regulation, all DeFi platforms, including decentralized exchanges, would have been obligated to report financial information and taxpayer data to the IRS.
After the vote, Republican Representative Mike Carey, who proposed the repeal, stated that the IRS DeFi dealer rule violates the privacy of millions of Americans, hinders the development of an essential new industry in the U.S., and imposes an unnecessary burden on the IRS.
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French Hill, Chair of the House Financial Services Committee, expressed support for the repeal, describing the IRS rule as a clear instance of government overreach that could push American digital asset innovations overseas.
Before the decision is finalized, it must undergo another vote in the Senate and then be sent to President Donald Trump for approval. Trump has already indicated his support for the measure.
Opponents of the repeal, primarily from the Democratic Party, contend that reversing the rule will enable tax evasion and money laundering. They assert that the primary beneficiaries of this decision include wealthy Republican donors, tax cheats, drug traffickers, and individuals funding terrorism.
Donald Trump’s administration has consistently backed the expansion of the U.S. crypto sector. Earlier this March, the White House officially established a Strategic Bitcoin Reserve and a Digital Asset Stockpile, while some federal agencies began exploring the use of DLT solutions and stablecoins for budget oversight.
Сообщение U.S. Lawmakers Vote to Ease Regulatory Oversight of the DeFi Sector появились сначала на CoinsPaid Media.
