HJRES-25 — 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".

YourVoice.Now SummaryCorporate BenefitsTransparency & Accountability

This resolution uses a special congressional power called the Congressional Review Act to cancel an IRS rule published in late 2024. That rule would have required brokers handling cryptocurrency and other digital asset trades to report the gross proceeds of those sales to the IRS — similar to how stock brokers send investors a 1099 form each year. By canceling the rule, Congress ensures that digital asset brokers have no legal obligation to disclose transaction proceeds to the federal government. People who buy and sell Bitcoin, Ethereum, and other cryptocurrencies may face less IRS tracking of their capital gains, while brokers avoid the compliance costs the rule would have imposed.

Corporate Benefits

Digital asset broker compliance exemption — IRS gross-proceeds reporting obligation removed for platforms facilitating crypto sales

Transparency & Accountability

IRS digital asset gross-proceeds reporting — Broker requirement to disclose cryptocurrency transaction proceeds to the IRS eliminated

Congressional Summary

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.

Legislative Subjects

Administrative law and regulatory proceduresCongressional oversightCurrencyDigital mediaFinancial services and investmentsInternal Revenue Service (IRS)Tax administration and collection, taxpayers

Details

Congress: 119th
Chamber: House
Status: summarized
Action: Public Law
Action Date: 2025-04-10
Date Added: 2026-06-19
Source: Congress.gov →

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