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Crypto Assets report that on March 12, 2025, the U.S. House of Representatives passed a resolution with a vote of 292 to 132, which repealed the requirement from the U.S. Internal Revenue Service (IRS) regarding the collection and reporting of taxpayer data and transactions by cryptocurrency platforms (including decentralized finance (DeFi) institutions ). This resolution received support from both sides, and its goal is to avoid undue regulatory burden for DeFi platforms. Opponents argue that this move could facilitate tax evasion and criminal activity, as well as lead to an increase in national debt by $4 billion. The IRS stated that this requirement aims to ensure tax compliance and aligns with existing regulations for brokers. If the Senate passes it and President Trump signs it, the IRS will be permanently prohibited from implementing similar rules. (Financefeeds)
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