The White House is supporting the congressional effort to “rescind the so-called Broker DeFi Rule
STATEMENT OF ADMINISTRATION POLICY
S.J. Res. 3 - Joint Resolution Providing for Congressional Disapproval of the Rule Submitted by the Internal Revenue Service Relating to "Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales" (Sen. Cruz, R-TX, and 13 cosponsors)
The Administration strongly supports passage of S.J. Res. 3, a joint resolution providing for congressional disapproval of the rule submitted by the Internal Revenue Service (IRS) on December 30, 2024, relating to "Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales." This rule expands the definition of the term "broker" to include software that allows users to access decentralized finance (DeFi) protocols, which inappropriately requires certain DeFi participants to report gross proceeds from cryptocurrency sales and other digital asset transactions, including data about the taxpayers involved