The US House of Representatives has voted to overturn a rule that would have required decentralized finance (DeFi) protocols to report to the Internal Revenue Service (IRS).
On March 11, the House voted 292 in favor and 132 against repealing the so-called IRS DeFi broker rule, which was intended to extend existing IRS reporting requirements to cryptocurrencies.
The 132 votes in favor of keeping the rule came from Democrats, but 76 members of the party joined Republicans in repealing it. This follows a US Senate vote on March 4, where the motion passed 70-27.
The rule would have forced DeFi platforms, such as decentralized exchanges, to disclose gross revenue from cryptocurrency sales.