Kristin Smith Chief Executive Officer at Blockchain Association | Official website
President Trump has signed a Congressional Review Act resolution to overturn a rule referred to as the "DeFi-killing broker rule." This rule, finalized in the last days of the Biden administration, had been a point of contention among industry leaders in decentralized finance. The Blockchain Association expressed approval of the decision, highlighting its potential impact on innovation and leadership in the cryptocurrency sector in the United States.
The organization's Kristin Smith acknowledged the support of various politicians who backed the resolution: "Our industry’s innovators, builders, and developers can breathe again thanks to President Trump, Senator Cruz, Representative Carey, and so many members of Congress on both sides of the aisle who believe in the power of crypto and DeFi." Smith emphasized the rule was detrimental to the industry: "This rule promised an end to the United States crypto industry – it was a sledgehammer to the engine of American innovation."
The Blockchain Association, according to its statement, first engaged with this issue over three years ago following amendments made to the definition of a "broker" in the Infrastructure Investment and Jobs Act. This amendment included those responsible for facilitating digital asset transfers. In response to the proposed rule by the IRS defining this new broker status, the Association submitted comments in 2023 and subsequently filed a lawsuit in December 2024, citing the rule as exceeding statutory authority and constitutional boundaries.
Reiterating their ongoing role, Smith stated, "Blockchain Association was, is, and will continue to be the voice for the digital asset industry in Washington – engaging with our elected officials and regulators to enact smart policy, but also defending the industry from harmful rules." With over 125 member organizations, the Association maintains its stance as a key proponent of the crypto industry.
About Blockchain Association: The association represents leading investors, companies, and projects in the cryptocurrency field striving for innovative policy and regulatory frameworks. Further information can be found on their website at theblockchainassociation.org, and updates via @BlockchainAssn on social media.
