A majority of legislators in the US Representative House voted to overthrow an IRS rule that treated crypto devices as brokers and demanded that they collect certain taxpayer and transaction information, including decentralized financing platforms (DEFI).

With a 292-132 vote, a Topart majority in parliament took up the US Senate in the promotion of the Congress Review Act on the solution of the rule that was completed in the final days of former President Joe Bid’s administration.

Missouri -Republican Jason Smith, who called on his colleagues to legislators to vote for the decision earlier in the day, said the IRS rule risked harming US companies and incentivized innovation.

“There are real questions that the rule can ever even be administered,” he said. “Defi exchanges are not the same as centralized crypto exchanges or traditional banks or brokers. Defi platforms do not and cannot even collect the information from users needed to implement this rule.”

Last week, 70 senators voted to overthrow the rule, and President Donald Trump’s senior advisers have already recommended that he sign the provision. However, the Senate must approve the decision again because of the budget rules, Rep noted. Jason Smith (R-Mo.). If it approves the decision and Trump signs it, the IRS will be prevented from ever bringing a similar rule again.

Illinois -Democrat Danny Davis pushed back to the decision and noticed that it originated from 2021 Bipartisan Infrastructure Investment and Jobs Act and compared Crypto with shares.

“When you sell stock with a stock broker, the broker reports the proceeds from the sale to both you and the Internal Revenue Service,” he said. “Probably to no surprise when there is independent reporting on this sale, taxpayers are more likely to report their income to the internal income service.”

Republicans to North Carolina Tim Moore said the rule “goes far beyond” Congress’s intention with the Law of 2021.

“This rule has put impossible burdens on software developers threatening US management in digital asset innovation,” he said.

Texas Democrat Lloyd Doggett called the decision “Legislation on Special Interest”, adding that it could be “exploited by wealthy taxpayers, drug trafficking and terrorist financiers” and adding $ 4 billion to national debt in conflict with US President Donald Trump’s stated goal of cutting debt.

Tuesday’s vote was initiated by the house’s vote on a continued decision to finance the US government through September 30, 2025, which adopted by 217 votes in favor of 213 votes against. This financing resolution is now leading to the Senate.