House Pass votes to overturn Biden-era debt broker rules

The U.S. House of Representatives voted 292-132 on Tuesday to retract IRS rules that require a decentralized financial platform to collect and report taxpayer information.

The vote assisted critics who claimed that 76 Congressional Democrats crossed the floor and then placed them in place to place technically impossible compliance requirements on the Defi protocol.

The rules were “unfair,” “unfair,” and “unfair,” and Jason Smith (R-MO), chairman of the House Ways and Means Committee, discussed the floor discussion. “I have a real question that you can even manage the rules.”

“The Defi platform doesn’t even gather information from the users needed to implement this rule. statement It was delivered to the house.

Submitted by Representative Mike Carrey (R-OH) Collaborative resolution January 21st, 2025. Updates from the speaker office I’ll check Voting tally.

House votes are the same Bipartisan support in the Senate Last week, I’ve been tapered earlier Discussion The House of Representatives from late February has been containing “highly burdensome requirements.”

IRS regulations require the expansion of the definition of “broker” to include debt platforms. Form 1099-DA Most protocols do not have the technical ability to collect user information, but tax documents.

The vast majority of votes in this direction show “a signal of encouragement for a new era of Washington’s cryptocurrency,” said Christine Smith, CEO of the Blockchain Association. statement.

Democrats opposed the measure raised concerns about tax compliance and loss of revenue. Lloyd Doggett (D-TX), a Texas Democrat, characterized the resolution as “a special interest law” that could be exploited by wealthy tax cheating, drug traffickers and terrorist investors.

The resolution invoked the Congressional Review Act, which allowed Congress to overturn newly finalized federal regulations.

If you sign the law, it prevents the IRS from issuing similar rules in the future without express permission from Congress.

The joint resolution is expected to return to the Senate for another vote for budget rules, where he will receive his signature before heading to President Trump’s desk.

Edited by Sebastian Sinclair