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

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

Research

article-image

For just $54, you, too, could send a memecoin 500% higher

article-image

Memecoins, tech, and inflation have dominated the first half of the year

article-image

As the Trump administration continues to test Fed independence, markets are beginning to react

article-image

An Aave interest rate shock prompted over 475,000 validators to exit and pushed stETH into a prolonged depeg

article-image

While Roman Storm’s team is set to present its case, it’s not yet clear if the Tornado Cash founder will testify

article-image

A wireless network inspired by lost drones is now helping telco carriers reach your phone indoors