House debates overturning IRS crypto exchange rule
The vote is in addition to the spending stopgap bill, proposed by House Republicans over the weekend
House Speaker Mike Johnson | Maxim Elramsisy / Shutterstock modified by Blockworks
This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
It’s a busy day in the House of Representatives. While the Financial Services Committee convenes for a hearing on digital payments (more on that later), reps are gearing up for two big votes.
One is on the spending stopgap bill, and another deals with the Congressional Review Act (CRA) to roll back the IRS’ crypto exchange rule.
House Republicans unveiled their spending plan over the weekend. It calls for a $6 billion increase in defense spending and cuts non-defense spending by $13 billion. The deadline for a funding bill is this Friday.
The bill is expected to go to a floor vote as soon as tonight, but not all Republicans are on board. Rep. Thomas Massie has said he will vote no, while Reps. Cory Mills and Tim Burchett have said they’re undecided.
Speaker Mike Johnson needs support from his entire party in both the House and the Senate, plus a few Democrats, to get the measure passed.
The CRA, introduced in January with bipartisan support, is also supposed to head to a floor vote this afternoon. Reps started debating the resolution at noon today and, as of 2 pm ET, had not voted on the matter yet.
It’s possible that the partisan nature of the spending bill will bleed into other pending legislation, but the extent of that remains to be seen. Keep an eye on your inbox tomorrow for updates.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
- Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
