The US House of Representatives has voted to repeal the IRS DeFi broker rule that would require decentralized finance (DeFi) protocols to report to the Internal Revenue Service (IRS). On March 11, the House voted 292 to 132 in favor of the repeal, with all opposing votes coming from Democrats, although 76 Democrats joined Republicans to support the repeal. This decision follows a similar vote in the Senate on March 4, which passed with a vote of 70 to 27. The IRS rule would have mandated DeFi platforms to disclose gross proceeds from crypto sales, including taxpayer information. Republican Representative Mike Carey, who submitted the repeal motion, argued that the rule infringes on privacy, hampers industry growth, and could overwhelm the IRS. Meanwhile, others, including Democrat Representative Lloyd Doggett, expressed concerns that repealing the rule would facilitate tax evasion and money laundering for wealthy individuals. The resolution will need another Senate vote before reaching President Donald Trump, who has indicated he would support it.

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