Overturn the Internal Revenue Service rule “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating…”
H.J.Res. 25 · Taxation · Public Law 119-5
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 (Public Law), via GovInfo BILLSTATUS. Text, sponsors and history on Congress.gov. Sponsor: Rep. Carey, Mike [R-OH-15].
House vote
Passed 292–132 on March 11, 2025 · On Passage
Democrats 76–132, Republicans 216–0
Source: Official roll call · Voteview
Senate vote
Joint Resolution Passed 70–28 on March 26, 2025 · On the Joint Resolution
Democrats 17–26, Independents 0–2, Republicans 53–0
Source: Official roll call · Voteview