US lawmakers voted to abolish controversial rules from the Internal Revenue Agency that would be forced to report user transactions to decentralized financial platforms.
The motion to the IRS Defi Broker rules saw bipartisan support, and the U.S. House of Representatives voted on March 11 in support of repealing the rules.
The Defi Broker rules required decentralized exchanges and other Defi platforms to report transaction details, including user information and total revenue from Crypto Sales to the IRS.
Critics of the measure claimed that they put an unreasonable compliance burden on the Defi platform and raised privacy concerns by collecting taxpayer data.
According to Republican representative Mike Carrey, the rule “invaded the privacy of tens of millions of Americans,” was a “large government overreach” that had curbed emerging industries.
French Hill, chairman of the House Financial Services Committee, also reflects these concerns, calling it a “clear example of government overreach” at risk of driving digital asset development overseas.
House votes have moved to break the rules with a majority of 70-27 members following the Senate's decision on March 4th. As previously reported by crypto.news, the House of Representatives advanced a resolution on February 26th to repeal the rules.
As both lawmakers vote to repeal the rules, the resolution returned to the Senate for a final vote before landing on President Donald Trump's desk.
The White House has already shown support for repealing the rules and believes it is likely that the repeal will be signed into law.
