In a move as unexpected as a Russian winter turning mild, the U.S. House of Representatives has cast aside the Internal Revenue Service’s (IRS) broker rule with a resounding “Nyet!”
The resolution, a lovechild of bipartisan harmony, sought to shield the wild west of decentralized finance (DeFi) from the heavy hand of regulation. 🤠
Of Taxes and Tyranny
As the DeFi Education Fund gleefully reported, 292 brave souls—Republicans to a man, and 76 Democrats who must have lost a bet—voted to nullify a rule that would have treated DeFi platforms like common criminals.
“The DeFi Education Fund raises a toast to the champions of freedom, who believe Americans should transact as they please, even if it means the IRS must play hide and seek with their digital gold.”
The contentious rule, birthed from the bowels of the U.S. Treasury and IRS, aimed to improve tax compliance by turning DeFi platforms into snitches. But critics, like a Russian novel, were full of drama and despair, arguing that it ignored the soul of decentralized technology.
Last December, Andreessen Horowitz, in a move as bold as a czar challenging the church, joined a legal jihad against the regulation, crying foul over the IRS’s power grab.
French Hill, the chair of the House Financial Services Committee, decried the broker rule as “a governmental overreach as obvious as a bear in a ballet tutu” and vowed to craft regulations that don’t strangle the crypto baby in its crib.
Now, like a plot twist in a Dostoevsky novel, H.J. Res 25 must return to the Senate, due to some parliamentary quirk. The senators, who earlier voted like a choir of synchronized swans, must pass it again before it lands on the president’s desk. If signed, the IRS rule will be nothing but a memory, as forgotten as last year’s New Year’s resolutions.
The Market’s Melodrama
Amidst this political theater, the crypto market behaves as if it’s seen it all before. Down a mere 0.7% in the last 24 hours, it yawns with indifference. Yet, Bitcoin (BTC), XRP, and Dogecoin (DOGE) put on a brave face, staging a modest recovery. 🐉
In the past week, the digital asset sector lost value faster than a Russian oligarch’s fortune post-sanctions. Bitcoin dipped like a curtsy at a royal ball, while Ethereum (ETH) slid into obscurity, both proving that in the land of crypto, volatility is king.
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2025-03-12 15:12