Odaily 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 SJ Res. 3, a bill initiated by Senator Ted Cruz and others to veto the US Internal Revenue Service (IRS)'s "Digital Asset Sales Broker Total Proceeds Reporting" rule. It is reported that the rule was originally proposed by the Biden administration in late 2024, expanding the definition of "broker" to cover DeFi protocol-related software and requiring some DeFi users to report total crypto trading proceeds and taxpayer information. The White House believes that this regulation improperly increases the compliance burden of US DeFi companies, hinders innovation, and raises privacy issues.
The statement made it clear that if SJ 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.