According to a post from Trump’s AI and Crypto Czar X, David Sacks today supports the White House in support of Senators Ted Cruz and Mike Carrey on the bill, and rolls back the Defi Brokers Act, passed by the previous Biden administration.
In January, Mike Carry Officer (OH-15) introduced a CRA resolution that rolled back the controversial digital asset sales and exchange rules of the Internal Revenue Agency, also known as the IRS Brokers Rules.
Mike Carrey will take a photo with President Donald Trump on February 17th, President’s Day. Source: Mike Carrey (X/Twitter)
The Congressional Review Act (CRA) gives Congress the opportunity to disapprove final rules issued by federal agencies. If the rule is disapproved using the CRA mechanism, it will be null. It also prevents the issuing authority from reissuing “substantially similar” rules unless Congress passes a law allowing it.
Carrie believes that Biden-managed digital asset brokerage rules need to be challenged as it represents a clear overreach from the IRS and can drive innovation and investors away if implemented.
Senator Ted Cruz repeated the same sentiment. “The Biden administration rules are trying to promote innovation in American cryptocurrency overseas,” Senator Cruz said. “The regulations undermine the purpose of Defi Technology. It is to allow individuals to buy and sell digital assets freely. The American goal is to prioritize innovation, and this rule is the opposite. I am calling on Congress to quickly take this resolution, hand it over and send it to the President.”
Three industry groups: the Blockchain Association, the DEFI Education Fund and the Texas Blockchain Council challenged the IRS in court after the bill was officially introduced on December 27th.
The White House supports CRA
Trump’s Crypto Czar David Sacks was shared on his page today, according to the tweet.
“The White House announces support for the CRA introduced by @SentedCruz and @RepmikeCarey and withdraws the so-called Broker Defi rules.
Photos of the circulation from the President’s Executive Office have been attached to the post.
AI and President Crypto Czar David Sacks to President Donald Trump shared photos of Senator Ted Cruz and Mike Carrey’s representatives in White House’s support statement for the CRA to rescind the broker’s control. Source: DavidSacks (X/Twitter)
The statement also implies that a rollback of rules places American citizens first. This is a story that coincides with Trump’s agenda to revive America, which has fallen from its high position.
He claims that if the resolution reaches the president, a public release from the White House would be encouraged by his senior adviser to sign the matter.
If he ultimately does so, it would be a victory for the crypto industry and attract innovation to the country.
Trump has been busy since he took office
The 47th US President and his GOP were not wasted time as they took the helm of their leadership on January 20th earlier this year. President Trump signed many executive orders on his first day in office and took a while to turn his eyes to code, but his early movements have driven and shaken up the industry.
New provisions made under the new government include creating a working group that will identify regulations that address cryptographic changes and recommend whether or not the changes will be changed.
AI and Crypto Czar David Sacks will chair this working group and entrust the working group with the assessment of digital assets stockpiling. There will also be the central bank’s ban on digital currencies and the revocation of former President Joe Biden’s executive order on crypto.
Trump has also announced Sack as co-chair of the President’s Advisory Council on Science and Technology. Gary Gensler has resigned as leader of the U.S. Securities and Exchange Commission, and the agency is currently operating under acting chairman Mark Ueda.
Uyeda reportedly put together a crypto-centric task force led by Commissioner Hesterperth. He will serve in his current role until the Senate approves Trump’s choice, Paul Atkins, who will serve as the agency’s permanent chairman.
The SEC was busy too. One of the first things that it did was to withdraw the Staff Accounting Report 121.
Regarding the Commodity Futures Trading Commission, he works under acting chair Caroline Fam, who appointed CFTC Senior Policy Advisor Harry Jung as the lead in crypto industry engagement.
Another victory in the crypto industry led Trump to forgive Silk Road creator Ross Ulbricht. He said he did so in truth, “in honor of (Ulbricht’s mother) and the libertarian movement.
Ulbricht would have been convicted and spent the rest of his life without parole, without being spelled out for criminal enterprises, drug distribution and various conspiracy charges.
Late Sunday, Trump also announced a crypto strategic sanctuary consisting of Bitcoin and other top cryptocurrencies.
Elon Musk changes the photo of Doge Head and swings the chainsaw. Source: Elon Musk (X/Twitter)
Like the SEC, Government Efficiency (DOGE) led by Elon Musk was also extremely busy. Musks use it to reveal excess government spending and strategically reduce the federal government.
That feels long, but Donald Trump and his cabinet have only been in office for a few weeks. It’s still almost four years to reach its crypto industry goals, but it continues to move with urgency.
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