David Sacks, White House AI and Crypto Director: Supports Repeal of So-called DeFi Broker Rules

Odaily Planet Daily News David Sacks, the White House AI and encryption director, announced on the X platform that according to the "Administrative Policy Statement" issued by the White House Office of Management and Budget (OMB), the US government supports S.J. Res. 3, which was initiated by Senator Ted Cruz and others to veto the US Internal Revenue Service (IRS)'s "Digital Asset Sales Broker Total Income Reporting" rule. It is reported that 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 the total income and taxpayer information of crypto transactions. The White House believes that this regulation improperly increases the compliance burden of US DeFi companies, hinders innovation, and raises privacy issues. The statement clearly stated that if S.J. Res. 3 is submitted to the president, senior White House advisers will recommend that the president sign the bill into law to repeal the relevant IRS regulations.