The House Ways and Means Committee has voted to repeal the IRS' "DeFi Broker Rule" which would require decentralized finance providers to collect and report taxpayer information. Critics argue that the rule would stifle innovation and harm American leadership in digital assets. The committee exercised its authority under the Congressional Review Act to disapprove of the rule, effectively blocking its implementation. The resolution must now pass through Congress and gain final approval. Critics warn that the rule would overwhelm the IRS and have little value in tax administration. The regulation also faces opposition for exempting foreign digital asset companies from the requirements, disadvantaging US crypto users. The repeal of the rule reflects opposition to excessive regulatory burdens and opens the door for a new approach to DeFi regulation in the US.



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