Chairman Hill Applauds House Passage of Resolution to Overturn Harmful 'Broker Rule'
Washington,
March 11, 2025 -
House Financial Service Committee Chairman French Hill (AR-02) applauded the passage of H.J. Res 25, which would overturn the Biden Administration’s harmful 'Broker Rule' that stifles innovation in the digital asset ecosystem.
"The Biden Administration’s controversial ‘Broker Rule’ is a clear example of government overreach that threatens to push American digital asset development overseas. I was proud to protect America’s leadership in the digital asset ecosystem and vote to overturn this harmful, anti-innovation midnight rulemaking.
“I look forward to working in a bipartisan manner to ensure the digital asset reporting requirements from the Infrastructure Investment and Jobs Act match the technology’s operation. We must bring legal and regulatory certainty to ensure these technologies and entrepreneurs can flourish here in the United States.”
Further Background:
If signed into law, the joint resolution would nullify the Internal Revenue Service’s (IRS) Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales, which requires entities implementing decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the IRS.
Defining DeFi software providers that never take custody of users’ assets as “brokers” imposes costly and burdensome reporting requirements that undermine privacy and technological progress in the United States.
For text of the CRA resolution, click here.
