In the News

WASHINGTON – Majority Whip Tom Emmer (R-Minn.) today announced key stakeholder support for H.J. Res. 25, a bill to roll back a nonsensical and overreaching Biden administration rule to require reporting on certain blockchain developers and service providers. This rule would cripple the digital asset industry by placing unlawful burdens on software developers and stifling American innovation.

Here is what stakeholders are saying about H.J. Res. 25:

Blockchain Association, 50+ Organizations: “We, the undersigned companies representing a broad coalition of United States digital asset companies, write to urge you to vote in favor of Representative Mike Carey’s Congressional Review Act resolution H.J.Res.25 to overturn the anti-crypto innovation, anti-privacy, decentralized finance (DeFi) broker rule. This misguided rulemaking threatens to extinguish American leadership in DeFi and undermine our nation’s competitive edge in financial technology innovation.”

Coalition of 18 Organizations: “We, the undersigned organizations, write to express our opposition to the Internal Revenue Service’s midnight rulemaking on digital asset brokers. This rule expands the definition of “broker” to an absurd degree, capturing software developers while compromising the personal identifying information of tens of millions of consumers. We urge you to nullify the digital asset broker rule through a joint resolution of disapproval under the Congressional Review Act, forestalling any substantially similar rulemakings in the future.”

Coin Center: “The Congressional Review Act (CRA) provides a critical tool to prevent executive overreach that threatens civil liberties while preserving fair tax policy. This is not about politics—it’s about protecting privacy, stopping unnecessary financial surveillance, and ensuring that tax enforcement is fair and effective. Lawmakers who care about financial privacy, fair taxation, and innovation should act now to revoke this misguided IRS rule—before it harms consumers, stifles progress, and undermines economic opportunity. Coin Center hopes you will defend our civil liberties and vote yes on the joint resolution (S.J.Res.3 and H.J.Res.25).”

Crypto Council for Innovation, Ji Hun Kim, President and Acting Chief Executive Officer: “On behalf of the Crypto Council for Innovation, we strongly support the Congressional Review Act (CRA) resolution, H.J. Res. 25, introduced by Representative Carey to repeal the IRS’s Final Rule on DeFi Broker Reporting issued on December 27, 2024. This rule represents an overreach of regulatory authority, threatens financial privacy, and misinterprets the fundamental nature of decentralized finance (DeFi), putting American innovation at risk.”

National Taxpayers Union: “On behalf of the National Taxpayers Union (NTU), the nation’s oldest taxpayer advocacy organization, we write to express our views on a critical Congressional Review Act measure slated for consideration before the House Committee on Ways and Means. This resolution will nullify the misguided “digital asset broker” rule promulgated by the Internal Revenue Service, which inappropriately usurps authority from Congress to define the next generation of financial technology. NTU strongly urges Committee members to support H. J. Res. 25.”

The Digital Chamber, Cody Carbone, President: “On behalf of The Digital Chamber, the U.S. leading blockchain and digital asset trade association, I write to express our strong support for H.J. Res. 25, Representative Mike Carey’s joint resolution of disapproval to overturn the IRS’ Digital Asset Broker Rule—an overreaching and misguided regulation that threatens to cripple the digital asset industry and drive innovation overseas.”

Small Business and Entrepreneurship Council, Karen Kerrigan, President and CEO: “SBE Council strongly supports the CRA to nullify the IRS’s expansive and overreaching digital asset broker rule. This rule creates unnecessary compliance burdens that stifle innovation and growth in America’s vibrant ecosystem of decentralized finance start-ups. By heedlessly broadening the definition of ‘broker’ and requiring businesses to gather and submit sensitive personal and transaction data on each one of their users, the IRS is exceeding congressional intent and imposing intrusive and undue regulatory barriers on the industry. We urge House lawmakers to join their Senate colleagues in standing up for American innovators and common-sense by passing H.J. Res. 25.”

Comprehensive list of stakeholders supporting H.J.Res. 25:

0x Labs, 1k(x), 6MV,A16z crypto, Alabama Blockchain Alliance, Alchemy, Aleo, Alliance, American Business Defense Council, American Consumer Institute, Americans for Prosperity, Americans for Tax Reform, Anchorage Digital, Aptos Labs, Ark, Ava Labs, Bitcoin Policy Institute, Blockchain Association, Blockchain Capital, Blockdaemon, California Blockchain Advocacy Coalition, Cedar Innovation Foundation, Center for a Free Economy, Cess, Chia, Citizen Outreach, Club for Growth - KEY VOTE YES, Coin Center, Coinbase, CoinFund, Competitive Enterprise Institute, Consensys, Consumer Action for a Strong Economy, Consumer Choice Center, Crypto Council for Innovation, Crypto Freedom Alliance of Texas, Crypto.com, Dapper, Decentralization Research Center, DeFi Alliance LLC, DeFi Education Fund, Delphi Ventures, Digital Currency Group (DCG), Dragonfly, Electric Coin Co, Endaoment, Ens, Exodus, Filecoin Foundation, Fireblocks, Florida Blockchain Business Association, Flow Traders, Forte, Foundry, Frax Finance, Frontiers of Freedom, Geodnet, Grayscale, GSR, Hedera, Hekaton, Hiro, Horizen Labs, IoTeX, Jito Labs, Kraken, Krypton, Ledger, Legend, Less Government, Maryland Blockchain Association, Multicoin Capital, Mysten Labs, National Taxpayers Alliance, National Taxpayers Union, NC Blockchain Council, North Island Ventures, Ohio Blockchain Council, Open Competition Center, OpenSea, Orca, PA Blockchain Coalition, Paradigm, Parcl, Pelican Institute, Phantom, Polymer, Property Rights Alliance, Proximity, Ripple, Rio Grande Foundation, Risc Zero, Sei Labs, Sentz, Shareholder Advocacy Forum, SkyBridge, Slingshot, Small Business & Entrepreneurship Council, Solana Foundation, South Carolina Blockchain.org, Stand With Crypto, Stark Ware, Stellar Development Foundation, Storj, Superstate, Talos, Taxpayer Protection Alliance, Tephra Digital, Texas Blockchain Council, The Digital Chamber, The HBAR Foundation, Toku, True Ventures, UDHC, Union Square Ventures (USV), Uniswap Foundation, Uniswap Labs, Variant, Virginia Blockchain Council, Zcash Foundation, and ZeroEx, Inc.

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