Early Signs of Crypto Bipartisanship in Congress

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 13 March 2025

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Congress has followed the Senate in their vote to repeal a damaging IRS crypto broker rule, and has done so by an even bigger supermajority than the Senate vote. NLW argues that this shows an emerging strand of common-sense bipartisanship around crypto in Washington. Sponsored by: Ledger Ledger, the world leader in digital asset security, proudly sponsors The Breakdown podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now on Ledger.com. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Wednesday, March 12th, and today we are talking about the House
0:22.8	voting to repeal an IRS reporting rule in a further sign of progress being made for crypto in
0:28.4	Washington. Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:32.4	to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:36.2	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:41.7	All right, friends, well, not much has moved in markets. Chaos Watch 2025 continues apace.
0:47.6	And so instead of digging more into that and trying to get in the head of what our president
0:51.9	is thinking and whatever strategy there may be there and what it means for and crypto. Instead, we're going to look at stuff that we can
0:58.7	actually understand, whereas has been the case for the past several weeks, serious progress is being
1:04.8	made. Specifically, the House has voted to repeal a controversial IRS reporting rule. The Tuesday
1:10.2	vote was the counterpart to a Senate
1:11.8	vote that passed last week. Now, as a reminder, this was the rule that required Defi platforms
1:16.0	to report user profits to the IRS in a similar way to a stock brokerage. Of course,
1:20.6	defy platforms don't have any of the information required, so the rule implied KYC, which itself
1:26.0	implied a complete overhaul of Defy systems. And that's at best. More realistically, the rule seemed KYC, which itself implied a complete overhaul of DFI systems.
1:28.6	And that's at best.
1:29.8	More realistically, the rule seemed to be intended as a backdoor way to ban DFI in the U.S.
1:33.4	due to compliance being impossible.
1:35.5	Due to a procedural quirk, the resolution will need to go back to the Senate before it can be
1:39.3	signed by the president, but for all intents and purposes, the rule has been repealed.
	...

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