U.S. House Votes 292-132 to Overturn IRS Crypto Broker Rule
The U.S. House of Representatives voted 292-132 to overturn an IRS rule classifying crypto entities as brokers, requiring them to collect taxpayer and transaction data, including from DeFi platforms.
- The resolution was previously approved by 70 Senators.
- Missouri Republican Jason Smith argued the rule could harm U.S. businesses and stifle innovation.
- Smith noted DeFi exchanges cannot gather the required information for compliance.
- If passed again by the Senate and signed by President Trump, the IRS will be prohibited from implementing a similar rule in the future.
- Illinois Democrat Danny Davis opposed the resolution, likening crypto transactions to stock sales that require broker reporting.
- North Carolina Republican Tim Moore criticized the rule as exceeding Congressional intent.
- Texas Democrat Lloyd Doggett labeled the resolution as benefiting special interests, warning it could increase national debt by $4 billion.
Additionally, the House passed a funding resolution to sustain government operations through September 30, 2025, with a vote of 217-213, which will also proceed to the Senate.