House Votes to Overturn IRS DeFi Broker Rule in Bipartisan Resolution

House representatives voted to overturn the IRS’s “DeFi broker” rule, with a resolution passing 292-131. Notably, 76 Democrats supported this decision.

The rule required DeFi brokers to file 1099-DA forms starting in tax year 2025, which industry advocates deemed unrealistic due to the decentralized nature of DeFi platforms.

Missouri Republican Jason Smith stated that DeFi exchanges cannot provide the data requested by the IRS, emphasizing their differences from centralized crypto exchanges and traditional financial institutions.

This resolution had previously passed in the Senate with a vote of 70-27 and is now awaiting presidential approval, with Trump's advisers recommending he sign it.

This marks a rare instance of bipartisan agreement in Congress to overturn federal agency policy, following a similar resolution regarding SEC guidance last session.