The U.S. House of Representatives recently approved H.J. Res. 25, a resolution aimed at repealing the so-called 'Broker Rule.' This rule requires certain brokers to report transaction details, drawing criticism for excessive costs and hindering innovation.
What is the Broker Rule?
The Broker Rule in the U.S. applies to cryptocurrency transactions, requiring intermediaries to disclose client and transaction details. This has raised concerns about privacy loss and increased complexity in digital asset operations.
Reasons for Repeal
Critics argue that the rule prevents new ideas from flourishing and makes digital asset transactions too difficult. Lawmakers like French Hill claim the rule is 'harmful to innovation' and pushes crypto businesses out of the U.S.
Implications for the Crypto Market
If the bill is signed by the President, it could enhance the attractiveness of the U.S. for crypto companies and investors by lowering regulatory barriers and encouraging industry growth.
Support from the White House and the potential repeal of the Broker Rule could lead to growth in the U.S. crypto market and drive innovation.
