US Congress votes to overturn IRS cryptocurrency tax reporting rules

Odaily Planet Daily News: On March 12, 2025, the US House of Representatives passed a resolution with 292 votes to 132, overturning the rules of the US Internal Revenue Service (IRS) requiring cryptocurrency platforms (including decentralized financial DeFi entities) to collect and report taxpayer and transaction data. This resolution has received support from both parties and aims to avoid imposing unreasonable regulatory burdens on DeFi platforms. Opponents argue that this move may encourage tax evasion and criminal activities, and lead to an increase of $4 billion in national debt. The IRS stated that the rule aims to ensure tax compliance and is consistent with existing broker regulations. If passed by the Senate and signed by President Trump, the IRS will be permanently banned from implementing similar rules. （Financefeeds）