US House of Representativeswhich classifies crypto currency platforms as “broker” (intermediary) and requires them to collect user information. IRS canceled the rule. The decision, which was adopted by 132 votes to 292, received support from both Republican and Democratic MPs. The decision was approved by the Senate last week and President Donald Trump is expected to sign. IRS’s re -introduction of a similar rule will be permanently prevented. The regulation was introduced within the scope of the infrastructure law in 2021.
The canceled IRS rule caused controversy
IRS 2021 Infrastructure LawBased on the rule, it also included the decentralized finance (defi) platforms. Crypto Money TransactionsThe regulation aiming to subject to tax audit was expanding the definition of “broker ında and even imposed obligations to software developers. Republican Tim MooreHe argued that the rule was “threatening American leadership” and that the law was much more harsh than it foresees.
In contrast, democrat Danny Davisstressed that crypto currency transactions should be in the same transparency as stock sales. Stating that independent reporting increases tax revenues, Davis suggested that the cancellation decision would “facilitate tax smuggling”. Democrat Lloyd doggett The decision would lead to additional 4 billion dollars of debt and claimed that “in favor of private interest groups”.
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Process in front of the bill
The decision approved by the House of Representatives will be sent again to the Senate. Republican explaining that a second vote will be required due to budget rules Jason Smiththe process will be completed rapidly said. The Trump administration is known to plan to sign the decision. If the IRS rule is completely removed, the control mechanisms for crypto currency platforms will relax.
Following the decision, the Assembly approved the budget of the federal government by September 2025. The budget bill, which was mentioned to 217 with 213 votes, was referred to the Senate. The crypto currency sector interpreted the cancellation of the IRS regulation as “regulation clarity ,, while the opponents warn the tax loss and the abuse of criminal organizations.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
