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House representatives voted yesterday to overturn the IRS’s “DeFi broker” rule, which was passed in the final days of the Biden administration. 

The resolution — introduced under the Congressional Review Act — passed in a 292-131 vote. 76 Democrats voted in favor of abolishing the rule. 

The IRS’s rule required DeFi brokers to file 1099-DA forms, which are the newly approved tax forms that crypto exchanges must use starting in tax year 2025. Given that DeFi companies are not centralized, the requirements were unrealistic, industry advocates have argued. 

During…

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