The House Ways and Means Committee has voted to repeal the Biden Administration’s last-minute “DeFi Broker Rule,” arguing that the regulation would stifle innovation and harm American leadership in digital assets. This rule would have required decentralized finance (DeFi) providers to collect and report sensitive taxpayer information, a demand critics say is both impractical and damaging to the industry. Ways and Means Committee Chairman Jason Smith accused the IRS of overstepping its authority, stating:

The IRS stretched its directives from Congress in the 2021 infrastructure law to enact a cryptocurrency agenda and unnecessarily regulate the providers of digital wallets.

The committee, which plays a critical role in tax policy and economic oversight, exercised its authority under the Congressional Review Act to disapprove of the rule, effectively blocking its implementation. For the repeal to take effect, the resolution must pass through Congress and gain final approval. After clearing the Ways and Means Committee, it moves to the House for a vote. If approved, it advances to the Senate. If both chambers pass it, the resolution goes to President Donald Trump, who can sign it into law to officially repeal the rule.

Critics of the regulation, including a former IRS commissioner, warned that it would “overwhelm the agency and have little to no value to effective and efficient tax administration.” The IRS itself estimated the rule would generate at least 8 billion new filings annually, creating a massive bureaucratic burden.

Unlike centralized cryptocurrency exchanges, DeFi brokers do not collect the necessary information to comply with the rule, making it unenforceable in practice. Smith emphasized the inequity of the rule, stating:

The winners of this last-minute rule are foreign digital asset companies who are exempt from the burdensome requirements. The losers are the roughly 1 in 4 Americans who own cryptocurrency.

The committee ultimately voted 26-16 in favor of repealing the measure. Its rejection of the DeFi Broker Rule signals strong congressional opposition to excessive regulatory burdens on digital assets. This move also reflects the broader debate over how cryptocurrency should be regulated in the U.S., with lawmakers divided on balancing oversight with innovation. By repealing this rule, the committee has cleared the way for a potential new approach to DeFi regulation that better aligns with the realities of decentralized finance.

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