The Chamber of Representatives of the United States has taken the first significant movement to delete the work of the Internal Revenue Service to impose a tax regime on decentralized financial platforms (DEFI) in the last days of the administration of former President Joe Biden.
The Chamber’s Media and Media Committee, the panel responsible for supervising the IRS of the Treasury Department, advanced a resolution in a vote of 26-16 to reverse the IRS transaction report policy under the Congress Review Law. Such an effort requires the approval of the majority both in the Chamber and in the Senate before a presidential firm causes the move to be final, and the matter now moves to the camera in general.
In December, the IRS had approved a system that the cryptographic industry says that the forces defined protocols in a report regime designed for runners, threatening the way in which such protocols work and also potentially including a wide range of entities that are not runners in absolute. Almost all the main names in the cryptographic sector signed in a letter from the Blockchain association last week asking for the elimination of this rule.
Read more: Crypto Industry asks the Congress to discard the broker’s rule defi del IRS
Senator Ted Cruz, a Texas Republican, has presented a version of the Senate of CRA resolution to reduce the IRS rule.
“We must approve this resolution to avoid this nightmare for US taxpayers and for the IRS,” said representative Mike Carey, an Ohio Republican who has pressed for Congress to reduce the rule, which argued that the Tax Agency overwhelmed.
Democratic representative Richard Neal by Massachusetts countered the republican impulse.
“The bill that we have today would repeal regulations of the sensible and important treasure that guarantee that taxpayers comply with their tax submission obligations and do not avoid the law selling cryptographic currency without informing the profits,” he said. “It’s really so simple.”
Eliminating the specific fiscal approach for decentralized cryptography platforms would reduce the income of the United States by an estimated $ 3.9 billion for a decade.
Representative Jason Smith, the Republican President of the Missouri committee, accused the IRS from going behind “the letter of the law” when he approved the rule during the last days of Biden in office.
“It’s not only unfair, but it’s not working,” he said.
