David Sacks: The White House will support CRA to repeal the "DeFi Broker Rule"

ChainCatcher news, White House AI and crypto chief David Sacks announced on the X platform that according to the "Executive Policy Statement" released by the Office of Management and Budget (OMB), the U.S. government supports S.J. Res. 3, a bill initiated by Senator Ted Cruz and others, aimed at overturning the IRS's rule on "reporting total revenue for digital asset sales brokers."

It is reported that this rule was originally proposed by the Biden administration at the end of 2024, expanding the definition of "broker" to include software related to DeFi protocols, and requiring certain DeFi users to report total revenue from crypto transactions and taxpayer information. The White House believes that this regulation improperly increases the compliance burden on U.S. DeFi businesses, hinders innovation, and raises privacy concerns.

The statement clearly indicates that if S.J. Res. 3 is submitted to the President, senior advisors at the White House will recommend that the President sign the bill into law to repeal the IRS's relevant regulations.