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White House Backs Crypto Industry's Push to Repeal IRS Broker Rule

Coin WorldTuesday, Mar 4, 2025 10:24 am ET
1min read

The White House has thrown its support behind an effort to repeal a broker definition rule that has been deemed a threat to the crypto community. The rule, which was finalized by the Internal Revenue Service (IRS) in 2020, expanded the definition of a broker to include entities that facilitate the transfer of virtual currencies, such as cryptocurrencies.

The crypto community has long argued that the rule is overly broad and could have unintended consequences for the industry. The rule requires brokers to report transactions to the IRS, which could potentially expose users' personal information and discourage participation in the crypto market.

The White House's support for the repeal effort comes as part of a broader push to promote innovation in the crypto industry. In a statement, a White House official said that the administration is committed to supporting the growth of the crypto industry while also ensuring that it is subject to appropriate oversight and regulation.

The repeal effort is being led by a group of lawmakers, including Senator Pat Toomey (R-PA) and Representative Tom Emmer (R-MN), who have introduced legislation to repeal the broker definition rule. The legislation has been endorsed by a number of crypto industry groups, including the Blockchain Association and the Chamber of Digital Commerce.

The crypto community has welcomed the White House's support for the repeal effort. "We appreciate the White House's recognition of the importance of the crypto industry to the U.S. economy and its commitment to promoting innovation in the sector," said Kristin Smith, executive director of the Blockchain Association.

However, the repeal effort faces an uphill battle in Congress. Democrats have been critical of the crypto industry and have expressed concerns about its potential for use in illicit activities. The repeal legislation will need to overcome these political headwinds in order to become law.

In the meantime, the crypto industry is continuing to push for regulatory clarity and a more favorable regulatory environment. The industry has been working with lawmakers and regulators to develop a comprehensive regulatory framework for crypto assets, which could help to address some of the concerns raised by the broker definition rule.

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Historical_Hearing76
03/04
Blockchain Association and Chamber of Digital Commerce speaking up. More groups should join the fray.
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Really_Schruted_It
03/04
@Historical_Hearing76 Cool
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yeahyoubored
03/04
Regulatory framework = sanity in crypto world. Let's see if politicos can put aside their biases.
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BennyBiscuits_
03/04
Crypto community's been breathing easier with the White House on its side. Let's hope Congress gets the memo. 📜
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Inevitable-Candy-628
03/04
Toomey and Emmer leading the charge—might be our HODL heroes yet. Repeal could mean smoother sailing for crypto bros.
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MirthandMystery
03/04
Repeal push might just pump crypto adoption.
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serenitybybowie
03/04
@MirthandMystery Do you think adoption will spike?
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bottomline77
03/04
White House throwing crypto a lifeline. Hope it doesn't get stuck in regulatory limbo. 🚀
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PvP_Noob
03/04
@bottomline77 Do you think it'll pass?
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SeabeeSW3
03/04
@bottomline77 Agreed, lifeline moment!
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curbyourapprehension
03/04
Repeal push got my vote. Crypto's volatile enough without IRS breathing down our necks.
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Frozen_turtle__
03/04
@curbyourapprehension What’s your take on holding crypto long-term vs. short-term? The IRS stuff just adds noise, right?
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Outrageous_Kale_3290
03/04
Crypto finally gets some love from the White House.
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Nichix8
03/04
Personal thoughts: Holding $ETH, $BTC. Diversifying beyond crypto 'til the storm passes.
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applesandpearss
03/04
Crypto's the future, but future's uncertain with IRS lurking. Hope lawmakers get it right this time.
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Relevations
03/04
Emojis in crypto discussions? Sure, why not? It's a wild ride. 🤑
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Holiday_Context5033
03/04
Hope this means smoother sailing for crypto traders.
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mattko
03/04
Clarity in regs = stability in market. Fingers crossed lawmakers deliver for once.
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Gentleman1217
03/04
@mattko K boss
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Accomplished-Back640
03/04
Toomey and Emmer leading the charge. Could be a game-changer if they can rally enough support.
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serenity561
03/04
Regulatory clarity is the holy grail. If crypto's lucky, we might get there without too much FOMO.
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