The US House of Representatives voted to repeal the IRS DeFi broker rule, which would have mandated decentralized finance (DeFi) protocols to report transactions to the Internal Revenue Service (IRS). On March 11, the House passed the repeal with a bipartisan vote of 292 to 132, where all dissenting votes came from Democrats, although 76 members of that party supported the repeal. This legislative move follows a similar vote by the Senate on March 4, where the rule was also rejected by a vote of 70 to 27. The regulation would have required platforms like decentralized exchanges to share taxpayer information related to crypto transactions. Republican Representative Mike Carey, a proponent of the repeal, labeled the original rule as an invasion of privacy and a hindrance to industry growth. Some opposition, particularly from Democrat Lloyd Doggett, criticized the repeal as a potential loophole allowing tax evasion by wealthy individuals. The resolution must pass another Senate vote and gain the President's approval, who has indicated support for repeal.

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