Sentinel Action Fund Praises Passage of Resolution to Rescind Biden Anti-Crypto Regulation
WASHINGTON – Today, the U.S. House passed a Congressional Review Act (CRA) resolution to repeal the Biden-era Internal Revenue Service (IRS) rule that misclassifies software developers of decentralized financial (DeFi) technology as “brokers” and puts burdensome regulations on the crypto industry.
Sentinel Action Fund President Jessica Anderson released the following statement:
On Biden’s way out the door, his administration issued a rule that stifles innovation and unfairly attacks the crypto industry and the tens of millions of Americans who own crypto assets. Rescinding the IRS Broker Rule is a sign to job creators that the United States is open for business and innovation. Thanks to Republicans leading the most pro-crypto Congress in history, this CRA resolution passed the House and Senate quickly and now heads to President Trump’s desk. We look forward to President Trump signing this resolution and continuing his remarkable work to support entrepreneurs and fulfill his pledge to make America the crypto capital of the world.
BACKGROUND:
- Last week, the U.S. Senate passed the companion resolution authored by Senator Ted Cruz (R-TX) and cosponsored by Senators Cynthia Lummis (R-WY), Thom Tillis (R-NC), Tim Sheehy (R-MT), Ted Budd (R-NC), and Bill Hagerty (R-TN). The House resolution was authored by Representative Mike Carey (R-OH). The resolution now goes to President Trump’s desk.
- In 2024, the Sentinel Action Fund endorsed pro-crypto Senate candidates, including Senators Bernie Moreno (R-OH), Tim Sheehy (R-MT), and Dave McCormick (R-PA).
- The Sentinel Action Fund is the only conservative super PAC with a year-round ground game committed to turning out absentee, early vote, and "day of" voters.