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".

House Joint Resolution

H.J.Res. 25

119th Congress

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".

Became Public Law No: 119-5.

Introduced:Feb 25, 2025

Primary Sponsor

Mark Pocan

Representative

Democratic

WI-2

Cosponsors

9

Quick Stats

Policy Area

Taxation

Summary

This joint resolution uses the Congressional Review Act to nullify an IRS rule requiring brokers facilitating decentralized finance (DeFi) transactions to report digital asset sales information to the IRS. The rule, issued December 30, 2024, would have imposed reporting requirements on DeFi platforms similar to traditional brokerages. If passed, this resolution eliminates those reporting requirements.

Latest Action

Became Public Law No: 119-5.

AI Summary

Plain-English explanation of this bill

This joint resolution uses the Congressional Review Act to nullify an IRS rule requiring brokers facilitating decentralized finance (DeFi) transactions to report digital asset sales information to the IRS. The rule, issued December 30, 2024, would have imposed reporting requirements on DeFi platforms similar to traditional brokerages. If passed, this resolution eliminates those reporting requirements.

Last updated: 12/30/2025

Official Summary

Congressional Research Service 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.

Key Points

Main provisions of the bill

Nullifies IRS rule on DeFi transaction reporting issued December 30, 2024
Uses Congressional Review Act to overturn the regulation
Eliminates broker reporting requirements for decentralized finance
Affects platforms facilitating digital asset sales
Prevents IRS from collecting DeFi transaction data under this rule
Supports cryptocurrency industry position against expanded reporting

How This Impacts Americans

Potential effects on citizens and communities

This resolution would significantly impact cryptocurrency taxation and DeFi platform operations. By nullifying the reporting rule, DeFi platforms would not need to collect and report user transaction data to the IRS, reducing compliance costs but also limiting IRS visibility into crypto transactions. Proponents argue it protects decentralized technology and user privacy; critics contend it creates a tax compliance gap. If passed with CRA, the agency cannot issue substantially similar rules without new legislation.

Policy Areas

Primary Policy Area

Taxation

Related Subjects

Administrative law and regulatory procedures

Congressional oversight

Currency

Digital media

Financial services and investments

Internal Revenue Service (IRS)

Tax administration and collection, taxpayers

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

25, 119th Congress (2025). "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".". Source: Voter's Right Platform. https://votersright.org/bills/118-hjres-25