US House kills IRS DeFi broker rule, Solana won’t cut 80% inflation rate: Finance Redefined

House Financial Services Committee Chairman French Hill applauded the overturning of the DeFi broker rule, calling it “a clear example of government overreach” that threatened the country’s crypto development.

In a significant regulatory development for the crypto industry, the United States House of Representatives voted to nullify a bill that threatened the privacy-preserving properties of decentralized finance (DeFi) protocols.

In the wider crypto space, one of the Solana network’s most significant governance proposals was rejected; it sought to implement a mechanism to reduce Solana’s inflation rate by about 80%.

The US House of Representatives voted to nullify a rule requiring decentralized finance (DeFi) protocols to report to the Internal Revenue Service.

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