House debates overturning IRS crypto exchange rule

The vote is in addition to the spending stopgap bill, proposed by House Republicans over the weekend

article-image

House Speaker Mike Johnson | Maxim Elramsisy / Shutterstock modified by Blockworks

share

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:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (11).png

Research

Union’s technical design brings measured improvements to crosschain interoperability. By combining a consensus-verified hub with novel constructs like state lenses and ZK proofs for client updates, Union achieves an interoperability protocol that is highly performant, trust-minimized, and scalable.

article-image

Fundstrat’s chief investment officer may be the apex bull

article-image

MetaMask now lets users create and restore wallets via social accounts

article-image

Filing seeks to expand regulated crypto exposure, with Coinbase Custody as fund custodian

article-image

Hyperliquid’s fundamentals continue to improve, yet its valuation remains discounted compared to other L1s

by Carlos /
article-image

A strategic VC move positions Polymarket for US return amid evolving regulatory clarity, according to Axios

article-image

Deal links Trump Media platforms with Crypto.com wallet and token rewards