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The U.S. House of Representatives has voted to repeal a rule by the IRS that classified cryptocurrency platforms as “brokers” and required them to collect user information. The decision was approved with a vote of 292 to 132, receiving support from both Republican and Democratic lawmakers. This decision, already passed by the Senate last week, is expected to be signed by President Donald Trump. The repeal will permanently prevent the IRS from reinstating a similar rule, which was initially established in the 2021 infrastructure law.
The Controversial IRS Rule
The IRS’s rule, based on the 2021 infrastructure law, extended to decentralized finance (DeFi) platforms. The regulation aimed to subject cryptocurrency transactions to tax oversight, broadening the definition of “broker” to include software developers. Republican Tim Moore argued that the rule posed a threat to “American technological leadership” and was far more stringent than anticipated.
In contrast, Democratic representative Danny Davis emphasized that cryptocurrency transactions should have the same transparency as stock sales. He noted that independent reporting increases tax revenues, claiming the repeal would facilitate tax evasion. Democratic Lloyd Doggett further argued that the decision would result in an additional $4 billion in debt and benefit special interest groups.
The Legislative Process Ahead
The House-approved decision will be sent back to the Senate. Republican Jason Smith stated that a second vote would be necessary due to budget rules, but he expressed confidence that the process would be completed swiftly. The Trump administration is known to plan for signing the decision. With the complete repeal of the rule, regulatory oversight on cryptocurrency platforms will be loosened.
Following the decision, the House approved the federal government’s budget through September 2025. The budget proposal passed with a narrow vote of 217 to 213 and has been sent to the Senate. While the cryptocurrency sector views the repeal of the IRS regulation as “regulatory clarity,” opponents warn of potential tax revenue losses and exploitation by criminal organizations.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
