The Blockchain Association has urged the U.S. Congress to pass a measure sponsored by Senator Ted Cruz that seeks to “overturn the anti-crypto innovation, anti-privacy, decentralized finance (DeFi) broker rule.” According to the Washington-based nonprofit organization, the broker rule “threatens to extinguish” American leadership in DeFi and undermine its competitive edge in financial technology innovation.

In a letter addressed to leaders of both the Republican and Democratic parties, the Blockchain Association argues that the rule represents regulatory overreach that fundamentally misunderstands the technology. Introduced during the final days of the Biden administration, the rule mandates that brokers, including DeFi platforms, track and report user activity. It also covers the sale of all digital assets, including non-fungible tokens (NFTs) and stablecoins.

As reported by Bitcoin.com News in late December 2024, the rule faced immediate opposition, with one critic predicting that courts or the incoming Trump administration would strike it down. In January, Bitcoin.com News reported that pro-crypto Cruz would initiate the process to have the rule overturned using the Congressional Review Act (CRA). This act serves as a mechanism to reject federal regulations through a simple majority in both chambers, provided action is taken within 60 legislative days.

To drum up support for Cruz’s measure, the Blockchain Association’s letter explains the implications of the broker rule on software companies.

“Under the rule, software companies that never take custody or control of users’ assets will be required to radically rebuild their services in order to unnecessarily collect and then report to the government the personal identifying information and transaction details of potentially tens of millions of American users,” the Blockchain Association argued.

The organization asserts that this obligation not only intrudes on Americans’ privacy on an unprecedented scale but also creates a compliance burden. The letter adds that Cruz’s CRA measure represents a clear and definitive path to rolling back this “damaging rule” before it can take effect.

U.S. lawmakers are expected to vote on Cruz’s measure to overturn the IRS DeFi broker rule by early March 2025. The measure must however pass through both houses of Congress by a majority vote to be successful.

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