Crypto Victory: IRS Rule Rejected

House Committee Repeals IRS “DeFi Broker Rule”

• The House Ways and Means Committee voted to repeal the “DeFi Broker Rule.”
• The rule was introduced by the Biden Administration.
• Concerns were raised about stifling innovation in the crypto sector.
• The rule could have overwhelmed the IRS with excessive filings.
• U.S. crypto users might have been disadvantaged by this rule.

The House Ways and Means Committee has acted to repeal the Biden Administration’s “DeFi Broker Rule,” citing potential negative impacts on innovation and increased burdens on both the IRS and U.S. crypto users.