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Rules Committee advances CRA resolution to overturn IRS DeFi broker reporting rule; lawmakers split on enforcement vs. taxpayer burden
Summary
The Rules Committee reported a closed rule enabling House consideration of H.J. Res. 25, a congressional review act measure to nullify an Internal Revenue Service rule on broker reporting for decentralized finance transactions. Supporters called the rule unworkable; opponents warned of lost revenue and greater tax evasion risk.
The House Rules Committee on Tuesday approved a closed rule to consider H.J. Res. 25, a Congressional Review Act resolution to overturn an Internal Revenue Service rule that would require certain reporting for decentralized finance (DeFi) transactions.
Rep. Mike Carey, who led discussion for the measure, described the IRS rule as unworkable for the architecture of DeFi platforms and said it would impose large costs on both industry and the IRS. "The DeFi broker rule is not only unfair to American digital asset holders and entities, but is also unworkable given the structure of the DeFi exchanges," Carey said. He and other supporters argued that the rule would force platforms…
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