Trump Supports Reversal of IRS DeFi Rule

White House Backs Repeal of IRS Rule on DeFi Platforms

• The White House supports a resolution to overturn an IRS rule affecting DeFi platforms.
• The rule requires DeFi participants to report transaction and taxpayer information, raising privacy concerns.
• Senator Ted Cruz and Representative Mike Carey introduced the resolution S.J. Res. 3 on January 21.
• The IRS rule expands the definition of “broker” to include software processing DeFi transactions.
• The Blockchain Association opposes the rule, citing threats to innovation in the digital asset industry.

The White House has endorsed a congressional resolution to repeal an IRS rule mandating extensive disclosure from DeFi platforms, with privacy concerns cited as a primary issue. The resolution was introduced by Senator Ted Cruz and Representative Mike Carey.