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".

This bill became law on 2025-04-10 as Public Law No. 119-5.

The summary below describes the bill at the version we last reviewed; the enacted text may differ.

YourVoice.Now Summary

Your MoneyCivil LibertiesCorporate BenefitsTransparency & Accountability

Decentralized crypto apps won't have to report your sales to the IRS — you still owe tax on the gains.

Your Money

Year-end tax forms from DeFi apps — you track sales yourself

Under the canceled rule, the app would have sent you a yearly form showing what you sold. You still owe tax on any gain, and you must keep your own trade records.

Civil Liberties

Privacy for people trading through DeFi apps — no IRS reports

To send those reports, the apps would have had to collect and pass on who their users are and what they sold. None of that data now goes to the IRS.

Corporate Benefits

DeFi trading apps' exemption from IRS reporting — no forms to file

The rule would have made these apps file an IRS form for every customer sale. They let people trade from their own wallet, with no company holding the coins.

Exemption is lasting — only a new law could restore reporting

Under the Congressional Review Act, an agency cannot bring back a rule that Congress has canceled. The IRS would need Congress to pass a new law first.

Transparency & Accountability

What the IRS sees about DeFi crypto sales — no reports filed

The reports would have covered sales made from January 1, 2027 on. Big exchanges that hold coins for customers still file these forms for sales made from 2025 on.

More about this bill

If you trade crypto through a decentralized app, no year-end tax form will come from that app. Congress canceled the IRS rule that would have required one. The President signed that cancellation in April 2025. The rule covered apps that let you trade from your own wallet, with no company holding your coins. It would have applied to sales made from January 1, 2027 on. You still owe tax on crypto gains. You must still report your trades yourself. Only the app's reporting duty went away, so your own records are what you will have at tax time. Big custodial exchanges, which hold coins for you, still send a sales form for trades made from 2025 on. Congress used the Congressional Review Act, a law that lets it cancel new agency rules. The IRS cannot issue this rule again unless a future law allows it.

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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