House Overturns Biden DeFi Broker Rule

U.S. House Votes to Overturn DeFi Broker Rule

• The House voted 292-132 to rescind an IRS rule on DeFi platforms.
• 76 Democrats joined Republicans, opposing the regulation.
• The rule required DeFi platforms to report taxpayer information.
• Critics argued the rule was technically unfeasible for DeFi protocols.
• The resolution now returns to the Senate before reaching the President.

The U.S. House of Representatives voted overwhelmingly, with a tally of 292-132, to overturn an IRS rule mandating decentralized finance platforms to collect and report taxpayer data. The bipartisan decision included support from 76 Democrats, highlighting concerns over the technical feasibility of such requirements for DeFi protocols.