Senate Passes “Broker” CRA with Bipartisan Supermajority; Congressional Crypto Caucus Launched; SEC Drops Major Crypto Actions
Senate Overwhelmingly Passes “Broker” CRA Resolution
On March 4, 2025, the U.S. Senate voted 70-27 in favor of S.J. Res. 3, a resolution disapproving the IRS’s DeFi Broker Rule under the Congressional Review Act (CRA). The rule, finalized by the Treasury Department & IRS in December 2024, sought to classify DeFi platforms as brokers—imposing strict reporting requirements, even on those providing services without processing transactions.
The White House’s Crypto and AI Czar, David Sacks, issued a Statement of Administration Policy in favor of the resolution, stating that the Treasury’s rule was an overreach that compromised taxpayer privacy. The Administration confirmed that if the resolution reaches President Trump’s desk, his senior advisors would recommend that he sign it into law.
Senator Ted Cruz (R-TX), who led the resolution, emphasized DeFi’s potential, stating that “DeFi was designed to enable individuals to freely buy, sell, and exchange digital assets without reliance on third-party intermediaries.”
This victory marks a major milestone for the DeFi industry, pushing back against regulatory overreach and highlighting growing bipartisan support for pro-crypto legislation in Congress.
Congressional Crypto Caucus Launched
On March 3, Representatives Ritchie Torres (D-NY) and Tom Emmer (R-MN) announced the formation of the Congressional Crypto Caucus, a bipartisan coalition dedicated to advancing digital asset legislation in the U.S.
Rep. Tom Emmer, House Majority Whip, stated:
“This Caucus serves as an ideologically unified, nonpartisan group of members that can quickly mobilize to support key digital asset initiatives in Congress.”
The formation of the Crypto Caucus is a crucial step toward establishing clear, fair regulations for digital assets, ensuring the U.S. remains a global leader in blockchain innovation.
SEC Ends Crypto Enforcement Actions
The SEC is shifting away from “regulation by enforcement”, dropping multiple high-profile lawsuits against major crypto companies:
✅ Yuga Labs (Bored Ape Yacht Club) – SEC probe closed
✅ Kraken – SEC lawsuit dismissed with prejudice
✅ Cumberland DRW – SEC drops $2B unregistered securities dealer case
This follows recent SEC reversals on cases against Coinbase, ConsenSys, OpenSea, Gemini, and Uniswap Labs—signaling a significant shift in regulatory approach.
With bipartisan momentum building for crypto-friendly policies, all eyes are now on Congress as industry leaders push for clear regulatory frameworks instead of piecemeal enforcement actions.