Congress just delivered a massive win for crypto innovation, overturning the controversial IRS crypto rules that critics say stifled digital asset growth and pushed development overseas.
US House and Senate Overturn IRS Crypto Rules, Easing Compliance Burdens
The U.S. House of Representatives approved H.J. Res. 25 on March 11, aiming to overturn the previous administration’s “Broker Rule,” which critics argue imposes excessive burdens on digital asset transactions and stifles innovation. This follows the Senate’s passage of S.J. Res. 28 on March 5.
The measure seeks to nullify an Internal Revenue Service (IRS) regulation that requires certain brokers, including decentralized finance (DeFi) entities, to report transaction details. Supporters of the resolution contend that the rule imposes unnecessary compliance costs and threatens to drive cryptocurrency development overseas. House Financial Services Committee Chairman French Hill (R-AR) praised the decision, stating:
The previous Administration’s controversial ‘Broker Rule’ is a clear example of government overreach that threatens to push American digital asset development overseas.
The lawmaker added: “I was proud to protect America’s leadership in the digital asset ecosystem and vote to overturn this harmful, anti-innovation midnight rulemaking.” Hill also underscored the need for bipartisan action to refine cryptocurrency regulations: “I look forward to working in a bipartisan manner to ensure the digital asset reporting requirements from the Infrastructure Investment and Jobs Act match the technology’s operation. We must bring legal and regulatory certainty to ensure these technologies and entrepreneurs can flourish here in the United States.”
House Republican Conference Chairwoman Lisa McClain (R-MI) commented:
We voted to reverse another burdensome regulation that created unnecessary bureaucracy in our digital asset sales. House Republicans are easing restrictions, spurring innovation, and making America more competitive.
President Donald Trump must sign the resolution for it to become law. The White House has expressed support for the measure, aligning with its broader strategy to ease regulatory constraints and foster innovation in the digital asset sector.
Source: Bitcoin
