The U.S. House of Representatives will vote to repeal the IRS DeFi Broker Rule

BlockBeats News, March 11th, according to reporter Eleanor Terrett, the U.S. House of Representatives is expected to vote on Tuesday to repeal the IRS (Internal Revenue Service) DeFi Broker Rule, which was overwhelmingly passed in the Senate last week by a vote of 70-27.

The Senate vote received more Democratic support than expected, including key Democratic figures such as Senate Majority Leader Chuck Schumer and Senator Mark Warner.

This rule requires developers of DeFi protocols and decentralized applications to report user transaction information to the IRS. The crypto industry strongly opposes this rule, arguing that it is technically challenging to implement and lacks legal basis. If the resolution passes the House, the repeal process will be completed, marking a significant victory for the crypto industry in the regulatory field.