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 (10).png

Research

Innovations on Aptos’ technical design through Raptr, Shardines, and Zaptos approach near-optimal latency and throughput by unlocking 100% utilization of network resources, with the capacity to settle 260k transactions per second with latencies less than 800ms. The original Move language was revamped with the launch of Move 2, supporting more expressivity in smart contract logic and a scalable ability to interact with high volume datasets. The ecosystem has benefitted from strong asset inflows, now hosting over $1.3B in stablecoins, $450M in bridged BTC, and $530M in RWAs. Activity in the Aptos ecosystem has grown notably over the past year, with monthly application revenue reaching ~$835k and monthly DEX volumes growing to over $5B, both at new all time highs.

article-image

Interchain Labs will focus on sovereign L1s and institutional demand, abandoning plans for smart contracts on the Cosmos Hub

article-image

Also, only three tokens have outperformed bitcoin so far this year: XMR, HYPE and SKY

article-image

The fund group has submitted proposals in recent months for other funds that would hold litecoin, solana, XRP, HBAR, Sui and others

article-image

Momentum’s back — BTC leads, risk assets follow

article-image

Ondo Finance’s acquisition of blockchain development company Strangelove follows its buy of Oasis Pro

article-image

Cryptocurrency and stock traders alike had a lot to unpack Wednesday