A majority of lawmakers in the U.S. House of Representatives voted to overturn an IRS rule treating crypto entities as brokers and requiring them to collect certain taxpayer and transaction information, including decentralized finance (DeFi) platforms.

With a 292-132 vote, a bipartisan majority in the House joined the U.S. Senate in advancing the Congressional Review Act resolution overturning the rule finalized in the closing days of former President Joe Biden’s administration.

Missouri Republican Jason Smith, urging his fellow lawmakers to vote for the resolution earlier in the day, said the IRS rule risked harming U.S. businesses and disincentivized innovation.

“There are real questions that the rule can ever even be administered,” he said. “DeFi exchanges are not the same as centralized crypto exchanges or traditional banks or brokers. DeFi platforms do not and cannot even collect the information from users needed to implement this rule.”

Last week, 70 Senators voted to overturn the rule, and President Donald Trump’s senior advisers have already recommended he sign the provision. However, the Senate will need to approve the resolution again due to budget rules, Rep. Jason Smith (R-Mo.) noted. If it approves the resolution and Trump signs it, the IRS will be barred from ever bringing a similar rule again.

Illinois Democrat Danny Davis pushed back against the resolution, noting that it stemmed from the 2021 bipartisan Infrastructure Investment and Jobs Act, and comparing crypto to stocks.

“When you sell stock with a stock broker, the broker reports the proceeds of the sale to both you and the Internal Revenue Service,” he said. “Probably to no one’s surprise, when there is independent reporting on these sales, taxpayers are more likely to report their income to the Internal Revenue Service.”

North Carolina Republican Tim Moore said the rule “goes far beyond” Congress’s intention with the 2021 law.

“This rule has placed impossible burdens on software developers threatening American leadership in digital asset innovation,” he said.

Texas Democrat Lloyd Doggett called the resolution “special interest legislation,” adding that it could be “exploited by wealthy tax cheats, drug traffickers and terrorist financiers,” and add $4 billion to the national debt, conflicting with U.S. President Donald Trump’s stated goal of cutting the debt.

Tuesday’s vote was preceded by the House vote on a continuing resolution to fund the U.S. government through Sept. 30, 2025, which passed with 217 votes in favor to 213 votes against. That funding resolution now heads to the Senate.

World Liberty Financial, the cryptocurrency investment platform backed by U.S. President Donald Trump, has seen its portfolio drop by $110 million in unrealized losses. 

According to data from Arkham Intelligence, WLFI’s investment of $336 million across nine cryptocurrencies is now worth approximately $226 million. Of the portfolio’s losses, Ethereum (ETH) is responsible for 65%.

Ethereum is trading at around $2,000 as at Mar. 10, meaning that WLFI, which bought it at an average price of $3,240,  is down an estimated $80.85 million, or almost 37% of its total investment.

Tron (TRX) has proven to be the most resilient of WLFI’s holdings, down just 5%. The portfolio’s other holdings, which have all contributed to the WLFI’s losses, include tokens such as stETH ($10.27M), WHITE ($5.87M), Movement (MOVE) ($3.5M), and Ondo (ONDO) ($296,000).

Despite these losses, WLFI continues to boost its portfolio and expand its network. On Mar. 6, WLFI acquired $21.5 million worth of Ethereum, Wrapped Bitcoin (WBTC) and Movement Network tokens. In addition, the company recently partnered with Sui (SUI), a blockchain founded by former Meta programmers, to explore decentralized finance opportunities.

The partnership has drawn speculations as some believe it is an attempt to expand into other blockchain ecosystems, while others wonder what the real reasons for the partnership are.

Founded in 2024, WLFI has managed to position itself as a major player in DeFi. Trump, along with his close family and allies, controls more than 60% of the project. Despite recent losses, WLFI attracted strong investor interest, raising $300 million during its January 2025 token sale.

Meanwhile, as Trump’s government works to establish a strategic crypto reserve for the United States, critics argue that his growing influence in the cryptocurrency markets may lead to conflicts of interest.

The Trump Organization has denied any wrongdoing, claiming that his children, an outside ethics lawyer, and an independent investment firm run WLFI and that Trump has no direct control over its activities.

Web3 security firm GoPlus Security has launched an investigation after its token dropped 60% in a single day, noting that it wasn’t informed about the the listing beforehand.

GoPlus Security (GPS), a web3 firm that says it’s working on the “first decentralized security layer,” is investigation a steep price fall of its native GPS token, which suddenly lost over 65% of its value following listing on cryptocurrency exchange Binance.

In an X thread on March 7, the firm denied rumors of insider dumping, adding that it wasn’t informed in advance about the listing, which took place on March 4. According to GoPlus Security, the team only learned about the listing when the public announcement was made. In response to the price drop, which saw the token’s value plunge by more than half within 24 hours, the firm has formed an investigation team to explore the cause of the fluctuations.

“Everything happened rapidly, and our team only learned about the listing when the public announcement was made, after which we immediately worked to cooperate with Binance to facilitate any additional requirements on our side.”

GoPlus Security

GoPlus Security’s native token, GPS, is designed to be a utility token, enabling users to receive incentives for safeguarding the network by staking GPS to run security nodes or provide security data, as crypto.news explained earlier.

In addition to launching its investigation, GoPlus Security also revealed that on the day of the listing, it transferred 500 million GPS tokens to Binance, 300 million of which have already been distributed as rewards for Binance’s BNB HODLer program. The remaining 200 million tokens will be used for future marketing efforts, the firm said.

Following the price drop, Binance said it would extend the monitoring tag to include GPS due to a “significant price drop immediately following the spot listing and certain market making behavior of one of GPS’ market makers.”

GoPlus Security assured the public that it’s investigating the issue with Binance and will provide further updates as more information becomes available. As of press time, GPS is trading at $0.061, per data from crypto price aggregators.