U.S. House Committee Moves to Overturn IRS DeFi Tax Rule
- The House Ways and Means Committee voted 26-16 to reverse the IRS DeFi tax rule.
- This move challenges a system approved in December that targets DeFi platforms as brokers.
- Senator Ted Cruz has introduced a Senate version of the resolution.
- Eliminating this tax approach could reduce U.S. revenue by an estimated $3.9 billion over ten years.
- Rep. Mike Carey argues the rule would overwhelm the IRS, while Rep. Richard Neal supports it for ensuring tax compliance.
The House Ways and Means Committee’s decision to reverse the IRS’s DeFi tax rule passed with a vote of 26-16, potentially impacting U.S. revenue by $3.9 billion over ten years if finalized.
Source (2.6)https://www.coindesk.com/policy/2025/02/26/u-s-house-committee-advances-effort-to-erase-irs-defi-tax-rule?rand=52298
