PANews reported on February 27 that according to CoinDesk, the U.S. House of Representatives Ways and Means Committee passed a resolution with a vote of 26-16 to initiate the abolition of the Internal Revenue Service (IRS)'s new tax regulations on decentralized finance (DeFi) platforms. The resolution must be passed by a majority of the House of Representatives and the Senate and signed by the President before it can take effect.

The IRS approved a transaction reporting system in December 2024, which included DeFi protocols in the traditional broker tax framework, which was widely opposed by the crypto industry. Several institutions jointly signed an open letter calling on Congress to repeal the policy. Senator Ted Cruz has introduced a supporting resolution in the Senate.

Republican lawmakers believe that the regulation exceeds legal authority and will increase the compliance burden on U.S. taxpayers and the IRS, while Democratic lawmakers believe it helps ensure that crypto transactions are taxed in accordance with the law. It is estimated that repealing the regulation will reduce tax revenue by $3.9 billion over the next decade.