House Set to Vote on IRS DeFi Broker Rule Repeal
- U.S. House votes on repealing IRS DeFi Broker Rule.
- Controversial rule affects 2.6 million taxpayers.
- Debate highlights crypto industry’s strategic value in U.S.
On March 11, 2025, the U.S. House of Representatives will vote on the resolution to repeal the IRS DeFi Broker Rule.
The outcome could have broader implications for U.S. crypto markets, affecting millions of taxpayers and shaping regulatory futures.
Vote Looms as Industry Opposes IRS Rule
The IRS DeFi Broker Rule, finalized in December 2024, was met with opposition from industry leaders. The rule impacts 650-875 brokers and influences over two million taxpayers. Its repeal is currently under consideration.
The repeal resolution, introduced by Senator Ted Cruz and Representative Mike Carey, aims to revoke the IRS rule. The resolution’s approval by the House Ways and Means Committee marks a significant step in the process.
Bipartisan Senate Vote Reflects Crypto Support
Leaders such as David Sacks and Kristin Smith support the repeal, emphasizing the crypto sector’s strategic importance. Concerns focus on potential burdens from data collection requirements proposed by the IRS.
The Senate passed the resolution with a 70–27 vote, reflecting bipartisan support. The potential rollback signals governmental willingness to foster crypto innovation while maintaining regulatory frameworks.
Experts Critique Rule’s Data Collection Challenges
Historically, regulatory actions such as the 2021 infrastructure law have attempted to address crypto-related issues. Contextually, this repeal aligns with efforts to retain crypto business within the U.S.
Experts like Representative Jason Smith argue that the rule is unworkable due to data collection limitations. Commentators stress that repealing the rule may support ongoing industry development.
