According to Jake Chervinsky, the US House of Representatives has overturned the Biden administration's DeFi broker rule, which would have required non-custodial software providers to implement KYC (Know Your Customer) protocols. The House vote was 292-131, following a Senate vote of 70-27 last week. Notably, 94 Congressional Democrats supported the overturn, signaling a significant shift in regulatory approach towards DeFi and non-custodial services.

According to Jake Chervinsky, the US House of Representatives has overturned the Biden administration's DeFi broker rule, which would have required non-custodial software providers to implement KYC measures. The House vote was 292-131, following a Senate vote of 70-27 last week. This decision marks a significant victory for the crypto industry, with 94 Congressional Democrats supporting the overturn.