Crypto Exchange IRS Reporting Rule Moves Closer to House Repeal

An effort to nullify IRS reporting requirements for certain cryptocurrency brokers is one step closer to a House vote.

Republicans on the House Ways and Means Committee Wednesday advanced in a 26-16 vote a Congressional Review Act challenge that would dismantle rules on how decentralized cryptocurrency exchanges report tax information. The IRS released the so-called DeFi rules in the waning days of the Biden administration, making them vulnerable to clawback from Congress.

The CRA process gives Congress 60 days to “disapprove” of a regulation issued by a federal agency. A challenge can pass both chambers with just a simple majority, allowing ...