President Donald Trump’s crypto czar has officially endorsed legislation that would prevent the IRS from imposing strict reporting rules on decentralized finance projects—marking the first time the Trump administration has explicitly weighed in on pending crypto policy.

David Sacks, Trump’s crypto policy chief, said on Tuesday that the White House “strongly supports” passage of a joint congressional resolution that would undo a controversial Biden-era IRS rule expanding the definition of “broker” to include most DeFi projects. 

Many in the industry contend the rule, which has yet to go into effect, could all but eliminate the DeFi sector by obligating permissionless protocols to conform with stringent reporting requirements designed for Wall Street brokers.

“This rule, issued as a midnight regulation in the final days of the previous administration, would stifle American innovation and raise privacy concerns over the sharing of taxpayers’ personal information, while imposing an unprecedented compliance burden on American DeFi companies,” Sacks said in a statement.

The Silicon Valley entrepreneur added that should the House and Senate pass a resolution to undo the IRS rule, Trump’s senior advisors would recommend the president sign it into law.

Editor's note: This story is breaking and will be updated with additional details.

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