Washington, D.C. (April 10, 2025) – Today, President Trump signed a Congressional Review Act resolution to strike down the DeFi-killing broker rule – a misguided rulemaking finalized in the waning days of the Biden administration that threatened to suffocate American leadership in decentralized finance.
“Our industry’s innovators, builders, and developers can breathe again thanks to President Trump, Senator Cruz, Representative Carey, and so many members of Congress on both sides of the aisle who believe in the power of crypto and DeFi,” said Kristin Smith. “This rule promised an end to the United States crypto industry – it was a sledgehammer to the engine of American innovation. On behalf of our members, and the entire industry, we’re grateful to have this harmful rule off the books for good.”
Blockchain Association began engaging on this issue more than three years ago when the Infrastructure Investment and Jobs Act became law and amended the definition of a “broker” to include “any person who, for consideration, is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.” The Association submitted comments in summer 2023 when the IRS proposed a rule to implement this new definition. The Association then sued to vacate the finalized rule in December 2024, arguing the rule exceeded the IRS’s statutory authority, was unconstitutional, and violated the Administrative Procedures Act.
“Blockchain Association was, is, and will continue to be the voice for the digital asset industry in Washington – engaging with our elected officials and regulators to enact smart policy, but also defending the industry from harmful rules,” said Smith. “We’re proud to have taken up this fight on behalf of our more than 125 member organizations – and the entire crypto industry.”
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.
