Political Quotes

“I thank Chairman Smith for his work on bringing this legislation to the floor. I also thank the staff of the Committee on Ways and Means for their efforts in moving this very important legislation forward. This commonsense, bipartisan resolution would overturn the IRS' Digital Assets Sale and Exchanges Rule, otherwise known as the ``DeFi broker rule.'' This legislation has broad bipartisan support. How do we know this? Last week in the Senate, 51 Republicans were joined by 18 Democrats and 1 Independent who favored it. The DeFi broker rule, which came out at the end of 2024, implements stringent reporting requirements on decentralized finance exchanges, or DeFi exchanges. DeFi exchanges were subject to the same reporting requirements as traditional brokers in centralized exchanges, despite the fact that DeFi exchanges don't have the ability to collect any information that the IRS requires from individuals using their platforms. This goes well beyond the scope of the Infrastructure Investment and Jobs Act instructions to the IRS and Treasury regarding establishing rules for digital asset exchanges. Through this ruling, the IRS effectively imposed consumer and technology-related regulatory policies through the tax code in absence of an explicit delegation of legislative authority.…”