The White House supports the repeal of the 'Crypto Broker Reporting Rule' and opposes DeFi regulatory expansion

According to the Executive Policy Statement released by the White House Office of Management and Budget (OMB), the US government supports S J. Res. 3， The bill, initiated by Senator Ted Cruz and others, aims to veto the Internal Revenue Service's (IRS) rule on "Total Revenue Reporting for Digital Asset Sales Brokers". The rule was originally proposed by the Biden administration at the end of 2024, expanding the definition of "broker" to cover DeFi protocol related software and requiring some DeFi users to report total revenue from encrypted transactions and taxpayer information. The White House believes that this regulation improperly increases the compliance burden on DeFi companies in the United States, hinders innovation, and raises privacy concerns. The statement clearly states that if S J. Res. 3 will be submitted to the President, and senior White House advisers will recommend that the President sign the bill into law to repeal the relevant provisions of the IRS.