White House Supports Congressional Resolution to Repeal DeFi Tax Regulation

The White House has expressed support for a Congressional resolution aimed at repealing the controversial 'Broker DeFi Rule,' which critics argue unfairly targets the cryptocurrency industry and decentralized finance (DeFi) platforms. David Sacks, the administration's cryptocurrency and AI chief, confirmed this backing for the CRA resolution introduced by Senator Ted Cruz and Representative Mike Carey. The rule, which expands the IRS's definition of 'intermediary' and mandates reporting of crypto transactions, could impose a significant compliance burden while raising privacy concerns. The administration's statement underscores a commitment to fostering an innovative regulatory environment for digital assets. If passed by Congress, the resolution could nullify the IRS rule if it reaches President Trump's desk, where a recommendation to sign it into law is expected.