The approval of the two parties in Congress fluctuates the Tax Authority ⋅ Echoes Echoes
The US House of Representatives voted greatly to cancel the controversial DEFI broker base introduced by the IRS service in the era of President Joe Biden administration.
Management Pass With strong support from the two parties, with 292 legislators voted in their favor while he opposed that 132. Although many Democrats resisted the cancellation, 76 ranks to join Republicans at the heart of the base.
Last December, Putting the finishing touches to the Tax AuthorityExpanding the requirements of tax reporting to include digital asset operators. For brokers classified in the list-including the Defi front operators-as responsible for enforcing the KYC measures (KYC), tracking user activity, reporting transactions, and ensuring compliance.
Critics argued that the application of these requirements on Defi platforms was impractical. Unlike central exchanges, Defi platforms do not control the user’s money or can access personal data, making it impossible to comply with the rule.
Chairman of the Roads and Meaning Committee Jason Smith Condemn The rule, it calls it unfair and difficult to implement. He emphasized that Defi platforms do not work like traditional financial institutions and cannot collect user information required to comply.
He added:
“These new taxes encryption regulations require millions of taxpayers to present a new 1099s model in a way that overwhelms the agency and has no small or non -existing value for effective and effective tax management.”
At the same time, this house decision follows Senate 4 March Voting to cancel the controversial judgment.
With the alignment of both councils now, the decision is due to the Senate for the final approval before reaching the president Donald Trump office. It is worth noting that the White House has already indicated the support of this step.
The encryption community interacts
The leaders of the encryption community welcomed the decision, and celebrated it as a great victory.
Jake Cherfinsky, chief legal official in the alternative fund, High The importance of supporting the two parties, noting that 94 Democratic lawmakers supported the cancellation. According to Cherfinski, this indicates a defeat for the Crypto Control Table.
Coinbase’s Senior Policy officials, Shirazad, Described It is the most important vote from the two parties so far, adding that it enhances the momentum of Congress to advance in the legislation of Stablecoin and Harke Struction.
He added:
“The non -applicable inter -applicable base would have placed a dangerous precedent for Americans’ privacy.”
Meanwhile, CEO of Defi Education Fund Miller Whitehouse-Levine as well to praise The vote, with emphasizing that a supernatural channel of 292 members of the House of Representatives have realized the defects at the Boss of the Tax Authority and Treasury Break. He stated that this decision represents a positive step towards promoting innovation in the United States.
Pamphlet The approval of the two parties in Congress fluctuates the Tax Authority campaign First appear on Cryptoslate.
