Industry letter signed by more than 75 members of Blockchain Association
Washington, D.C. (Feb. 19, 2025) – Today, more than 75 members of Blockchain Association – the industry’s leading national trade association – sent a letter to Congressional leaders encouraging a ‘yes’ vote on Sen. Ted Cruz’s Congressional Review Act resolution S.J.Res.3 to overturn the anti-crypto, anti-privacy DeFi broker rule.
The DeFi broker rule represents regulatory overreach that fundamentally misunderstands both the technology it attempts to regulate and Congress’s original intent. The rule would force intermediary reporting requirements onto systems specifically designed to operate without intermediaries, creating privacy and security concerns for potentially tens of millions of Americans.
Comprising more than 75 industry-leading company signatories – spanning the diverse range of the digital asset ecosystem – the letter urges immediate passage of S.J.Res.3 to overturn this DeFi-killing rule. By using the Congressional Review Act, Congress can repeal recently finalized rules like this one, that exceed agency authority or contradict legislative intent.
“President Trump’s directive on crypto is clear. Now, Congress must act to ensure this technology – and financial innovation – can thrive in the United States. Rollback is critical to ensure that this rule doesn’t reemerge down the road. We appreciate Senator Cruz’s leadership on this issue in the Senate,” said Blockchain Association CEO Kristin Smith.
On February 26, members of Blockchain Association will convene in Washington for a series of meetings with Congressional offices to discuss the CRA resolution. Additionally, Blockchain Association will host a briefing on Capitol Hill where Congressional staffers can learn more about the DeFI broker rule and why it represents an existential threat to the U.S. digital assets industry.
Please find the full letter here.
About Blockchain Association: Blockchain Association is the collective voice of the cryptocurrency industry. Our members include the sector’s leading investors, companies, and projects, working together to support a future-forward, pro-innovation national policy and regulatory framework for the crypto economy. Find us at theblockchainassociation.org. Follow us @BlockchainAssn.
