H.J.Res. 25 · 119th Congress · Taxation
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".
Nullifies IRS rule requiring brokers to report gross proceeds from digital asset sales. AI-read
What it does
This joint resolution nullifies requirements for persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the Internal Revenue Service (IRS). Specifically, the joint resolution nullifies the requirements included in the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the IRS on December 30, 2024.
Decentralized finance refers to the suite of financial activities and services that are facilitated by cryptocurrency and intended to be conducted without any sort of reliance on traditional financial tools or intermediaries.
Summary by the Congressional Research Service, Apr 10, 2025 (Public Law). CRS summarizes bills impartially; it does not take positions.
Roll call votes
| Date | Question | Party split (yea) | Result |
|---|---|---|---|
| Mar 11, 2025 House roll 70 |
On PassageProviding for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales” | D 76–132 · R 216–0 |
Passed 292–132 |
| Mar 26, 2025 Senate roll 150 |
On the Motion to ProceedA joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales". | D 18–26 · R 52–0 · I 0–2 |
Passed 70–28 |
| Mar 26, 2025 Senate roll 151 |
On the Joint ResolutionA joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales". | D 17–26 · R 53–0 · I 0–2 |
Passed 70–28 |
Latest action
Apr 10, 2025 · Became Public Law No: 119-5.