The House of Representatives of the United States voted in favor of the cancellation of a rule which would have required decentralized financing protocols (DEFI) to report to the Internal Revenue Service.
On March 11, the House of Representatives voted 292 for and 132 against a motion aimed at repealing the rule of the so -called IRS DEFI which aimed to extend the reporting requirements of the existing IRS in Crypto.
The 132 votes to respect the rule were the Democrats. However, 76 party people joined the republican vote for the repeal.
This follows the vote of March 4 of the US Senate on the request for repeal, which saw him pass with a vote of 70 to 27.
The rule would oblige DEFI platforms, such as decentralized grants, to disclose the gross product of crypto sales, including information concerning taxpayers involved in transactions.
Speaking after the vote, the republican representative Mike Carey, who submitted the motion of repeal, said: “The rule of the broker Defi invades the private life of tens of millions of Americans, hinders the development of a new important industry in the United States and would overwhelm the IRS.”
The member of the Congress Mike Carey speaks after the vote. Source: Mike Carey
The chairman of the Chamber’s Financial Services Committee, French Hill, has also applauded the reversal of the rule, calling it “a clear example of the government who threatens to push the American development of digital assets abroad”.
The resolution will have to adopt another Senate vote before being sent to President Donald Trump, who reported that he would support him.
Those who oppose the repeal of the rules included the Democratic representative Lloyd Doggett, who declared that obtaining an “exemption of particular interest” of the IRS disclosure “makes tax evasion and money laundering much easier for the rich republican donors who used these decentralized exchanges”.
He said that killing the rule would create a “gap that would be exploited by rich tax cheaters, drug traffickers and terrorist financiers”.
In relation: American legislators prefer resolution to repeal
At the beginning of March, the AI of the White House and the Tsar Crypto David Sacks declared that the administration would support the efforts of the Congress to cancel the rule of the broker Defi.
At the time, the managers of the management and budget office wrote: “This rule … would suffocate American innovation and would raise confidentiality problems concerning the sharing of personal information from taxpayers while imposing an unprecedented burden on US STOCIETIES.”
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