According to paulgrewal.eth, the House has rejected the Biden-era DeFi Reporting Rule, which was deemed unworkable and would have overwhelmed the IRS with billions of new 1099s. This decision significantly reduces the regulatory burden on DeFi developers, marking a pivotal moment for the cryptocurrency industry. The rule now awaits the President's signature.

According to paulgrewal.eth, the House has rejected the Biden-era DeFi Reporting Rule, which was deemed unworkable and would have imposed significant burdens on developers by requiring billions of new 1099s to be filed with the IRS. This decision marks a bipartisan victory, and the matter now awaits the President's signature.