White House Crypto Summit: Key Updates Revealed
Breaking News: White House Addresses Cryptocurrency Sector
David Sacks, leading the White House's efforts on cryptocurrency and artificial intelligence, has issued a new statement addressing recent developments in the crypto space.
The White House announced its support for a Congressional Review Act (CRA) resolution aiming to overturn the controversial "Brokerage DeFi Rule." Critics argue that the rule unfairly targets the cryptocurrency sector and decentralized finance (DeFi) platforms.
David Sacks confirmed the administration’s endorsement of the resolution introduced by Senator Ted Cruz and Representative Mike Carey. The resolution, identified as S.J. Res. 3, seeks to revoke an IRS regulation issued on December 30, 2024, that broadens the definition of "intermediary" to include DeFi software.
The regulation requires specific DeFi participants to report gross revenue from cryptocurrency sales and digital asset transactions, along with detailed taxpayer information.
The administration expressed concerns about the rule's potential impact, stating that it could:
Disrupt the digital asset ecosystem
Raise significant privacy issues
Impose undue burdens on American DeFi companies
Important: This is not financial or investment advice.
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