H.J. Res. 25 · Signed into law · 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".

Sponsor: Mike Carey (R-OH)

What it does

• Nullifies the IRS rule requiring brokers to report gross proceeds from digital asset sales to the IRS.
• Eliminates reporting obligations for persons effectuating decentralized finance transactions related to digital asset sales.
• Reverses the IRS rule issued December 30, 2024, under the Congressional Review Act process.

Official summary

This joint resolution nullifies the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the Internal Revenue Service (IRS) on December 30, 2024. The rule generally requires persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the IRS.

Latest action

Apr 10, 2025: Became Public Law No: 119-5.

Committee: House Ways and Means