David Sacks, the AI and Crypto Czar in the Trump administration, said the White House will support Congress’ efforts to restore the Internal Revenue Service (IRS) rules of the Broker (DEFI) rules.
In a post 4 x post, sack Says The administration supported Texas Senator Ted Cruz’s and Ohio Representative Mike Carey under the Congressional Review Act to eliminate a regulation rule that expands the meaning of a “broker” to include software providers that give access to defi protocols. According to AI and Crypto Czar, Donald Trump’s senior advisers recommend that he sign the joint resolution SJ Res. 3 In law if it was sent to the US President of the US of Congress.
“This rule, released as a midnight regulation in the last days of the previous administration, will prevent modern American modern and raise privacy concerns in sharing personal information of taxpayers, while imposing an uninitiated burden on compliance with American Defi companies,” the announcement of a statement from the office of Management and Budget office.
Statement of March 4 in support of the Defi Broker Rule rescue support. Source: David Sacks
The rule, Released by the IRS In December 2024 before Trump got to the office, it stood out an immediate backlash from many in the crypto industry Policy claim will move companies to the coast or otherwise stymie innovative. However, the rule is not set to be implemented until 2027.
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