The White House says it supports a congressional resolution that aims to repeal the so-called “Broker DeFi Rule,” a regulation that critics say unfairly targets the cryptocurrency industry and decentralized finance (DeFi) platforms.
White House cryptocurrency and artificial intelligence chief David Sacks has confirmed that the administration supports the Congressional Review Act (CRA) resolution introduced by Senator Ted Cruz and Representative Mike Carey. The measure, known as SJ Res. 3, seeks to repeal an Internal Revenue Service (IRS) rule issued on December 30, 2024, that expanded the definition of “intermediary” to include software that processes DeFi transactions.
The rule requires certain DeFi participants to report gross proceeds from cryptocurrency sales and other digital asset transactions, including detailed information about the relevant taxpayer. According to the administration’s Statement of Administration Policy, this regulation could have far-reaching implications for the digital asset ecosystem, raise privacy concerns, and impose a significant compliance burden on American DeFi companies.
“This rule, issued as a midnight regulation in the final days of the previous administration, will stifle American innovation and raise privacy concerns about the sharing of taxpayer personal information,” the statement said. “Our administration will continue to put the American people first by fostering a regulatory environment that fosters innovation, creates jobs, and enhances economic prosperity for all Americans.”
The resolution, if passed by Congress, would override the IRS rule. According to the White House, if SJ Res. 3 reaches President Trump’s desk, his senior advisers will recommend that he sign it into law.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/breaking-white-house-makes-a-cryptocurrency-statement/