The United States legislators voted to remove the controversial rule of the Internal Revenue Service which would have forced decentralized financing platforms to report user transactions.
The motion against the IRS DEFI broker’s ruler has experienced bipartite support, the United States House of Representatives voted 292-132 in favor of repealing the rule on March 11. While the 132 opposite votes came from the Democrats, 76 of the party crossed the aisle to join the Republicans to support the reduction.
The Defi Broker rule would have required decentralized exchanges and other DEFI platforms to report details of the transaction, including user information and gross sales of crypto sales at IRS.
The criticisms of the measure argued that he had placed an unreasonable burden on the DEFI platforms and raised confidentiality problems concerning the collection of taxpayers.
According to the Republican representative Mike Carey, the rule was a “massive surpassing of the government” which would have “invaded the privacy of tens of millions of Americans” while suffocating an emerging industry.
The chairman of the Chamber’s Financial Services Committee, French Hill, has also echoed these concerns, describing the rule “a clear example of government surpassing” which risked leading to the development of digital assets abroad.
The House vote follows the Senate’s decision on March 4, where the legislators also decided to establish the rule with a majority of 70-27. As previously indicated by Crypto.News, the Chamber advanced a resolution to repeal the rule on February 26.
The two chambers of the Congress Voting to repeal the rule, the resolution now returns to the Senate for a final vote before landing on the office of President Donald Trump.
The White House has already reported support for the repeal of the rule, which makes sure that the repeal will be signed.
