Kristin Smith Chief Executive Officer at Blockchain Association | Official website
More than 75 members of the Blockchain Association have sent a letter to Congressional leaders, urging them to support Senator Ted Cruz's Congressional Review Act resolution S.J.Res.3. The resolution aims to overturn the DeFi broker rule, which they argue represents regulatory overreach and misinterprets both the technology and Congress's original intent.
The rule in question imposes intermediary reporting requirements on systems designed to function without intermediaries, raising privacy and security concerns for millions of Americans. The signatories, representing a wide range of companies within the digital asset ecosystem, call for immediate action to repeal this regulation using the Congressional Review Act.
"President Trump’s directive on crypto is clear. Now, Congress must act to ensure this technology – and financial innovation – can thrive in the United States," stated Blockchain Association CEO Kristin Smith. She emphasized that rolling back the rule is crucial to prevent its reemergence.
On February 26, Blockchain Association members will gather in Washington for meetings with Congressional offices regarding the CRA resolution. They will also host a briefing on Capitol Hill for Congressional staffers to discuss why they believe the DeFi broker rule poses an existential threat to the U.S. digital assets industry.
Blockchain Association serves as a collective voice for the cryptocurrency sector, including leading investors and projects working towards supportive national policy and regulatory frameworks.
