🤑🔒 “DeFi Rule Repeal: IRS Goes Down for the Count!”
And so it goes, another day, another dollar, another chance for the American people to exercise their right to remain blissfully ignorant of the intricacies of tax law. The US House of Representatives, in all its infinite wisdom, has voted to nullify a rule that would have required decentralized finance (DeFi) protocols to report to the Internal Revenue Service. Ah, the sweet taste of freedom!
On March 11, the House of Representatives voted 292 for and 132 against a motion to repeal the so-called IRS DeFi broker rule, which aimed to expand existing IRS reporting requirements to crypto. All 132 votes to keep the rule were Democrats, because, of course, they love to suck the life out of their own constituents. But 76 of those in the party joined the Republican vote to repeal it, because even the Democrats can see that the rule was a total snooze-fest.
This follows the US Senate’s March 4 vote on the motion to repeal, which saw it pass with a vote of 70 to 27. Because, you know, 70 is a much more respectable number than 27. The rule would force DeFi platforms, such as decentralized exchanges, to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions. Because, you know, the IRS just loves a good game of “Who can keep the most secrets?”
Speaking after the vote, Republican Representative Mike Carey, who submitted the repeal motion, said, “The DeFi broker rule invades the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States and would overwhelm the IRS.” Ah, now that’s a politician who knows how to spin a good yarn. And House Financial Services Committee Chairman French Hill also applauded the overturning of the rule, calling it “a clear example of government overreach that threatens to push American digital asset development overseas.” Because, of course, the government is always just trying to keep us down.
The resolution will need to pass another Senate vote before being sent to President Donald Trump, who has signaled he’d support it. Because, you know, Trump is always just one tweet away from making a brilliant decision. Those opposing the rule repeal included Democrat Representative Lloyd Doggett, who said getting a “special interest exemption” from IRS disclosures “makes tax evasion and money laundering so much easier for wealthy Republican donors who have been using these decentralized exchanges.” Ah, now that’s a politician who knows how to get to the heart of the matter.
He claimed killing the rule would create a “loophole that would be exploited by wealthy tax cheats, drug traffickers and terrorist financiers.” Because, of course, that’s exactly what the DeFi community is all about: laundering money for bad people. In early March, White House AI and crypto czar David Sacks said the administration would support congressional efforts to rescind the DeFi broker rule. Because, you know, the administration is always just trying to stay one step ahead of the bad guys.
At the time, officials from the Office of Management and Budget wrote “This rule … would stifle American innovation and raise privacy concerns over the sharing of taxpayers’ personal information, while imposing an unprecedented compliance burden on American DeFi companies.” Ah, now that’s a statement that sounds like it was written by a group of stuffy bureaucrats who just want to suck the life out of innovation.
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2025-03-12 07:22