White House will support rescinding DeFi broker rule: David Sacks
Donald Trump’s advisers said they would recommend that the president sign a resolution repealing the IRS rule into law if passed by the House and Senate.
David Sacks, the AI and crypto czar in the Trump administration, said the White House would support congressional efforts to rescind the Internal Revenue Service (IRS) decentralized finance (DeFi) broker rule.
In a March 4 X post, Sacks said the administration supported Texas Senator Ted Cruz’s and Ohio Representative Mike Carey’s resolutions under the Congressional Review Act to repeal a regulatory rule that expands the definition of a “broker” to include software providers that enable access to DeFi protocols. According to the AI and crypto czar, US President Donald Trump’s senior advisers would recommend he sign joint resolution S.J. Res. 3 into law if it were sent to the president’s desk by Congress.
“This rule, issued as a midnight regulation in the final days of the previous Administration, would stifle American innovation and raise privacy concerns over the sharing of taxpayers’ personal information, while imposing an unprecedented compliance burden on American DeFi companies,” officials from the Office of Management and Budget claimed in a March 4 statement.
