Source: Cointelegraph Original: "{title}"

The U.S. House of Representatives voted to repeal a requirement for decentralized finance (DeFi) protocols to report to the IRS.

On March 11, the House passed a motion to repeal the so-called "IRS DeFi Broker Rule" with a vote of 292 in favor and 132 against. This rule aimed to extend existing IRS reporting requirements to the cryptocurrency sector.

All 132 votes against the repeal came from Democrats. However, 76 members of the party joined Republicans in the repeal vote.

Previously, the U.S. Senate voted on the repeal motion on March 4, passing it with a vote of 70 in favor and 27 against.

The rule would force DeFi platforms, such as decentralized exchanges, to disclose the total proceeds from cryptocurrency sales, including taxpayer information of those participating in the transactions.

Republican Congressman Mike Carey, who submitted the repeal motion, stated after the vote: "The DeFi Broker Rule infringes on the privacy of tens of millions of Americans, hinders the development of an important emerging industry in the U.S., and will overwhelm the IRS."

Congressman Mike Carey speaking after the vote. Source: Mike Carey

French Hill, Chairman of the House Financial Services Committee, also praised the move to overturn the rule, calling it "a clear example of government overreach that could drive the development of U.S. digital assets overseas."

The resolution needs to pass another vote in the Senate before it can be submitted to President Trump, who has indicated he would support the resolution.

Opponents of the repeal, including Democratic Congressman Lloyd Doggett, argued that the "special interest exemption" obtained from the IRS makes it easier for wealthy Republican donors who have always used these decentralized exchanges to evade taxes and launder money.

He claimed that repealing the rule would create a "loophole that wealthy tax evaders, drug traffickers, and terrorist funders would exploit."

In early March, White House AI and cryptocurrency advisor David Sacks stated that the government would support congressional efforts to repeal the DeFi Broker Rule.

At that time, officials from the Office of Management and Budget wrote: "This rule… would stifle innovation in the U.S. and raise privacy concerns about sharing taxpayers' personal information, while imposing unprecedented compliance burdens on U.S. DeFi companies."

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