Federal · 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".
Policy areaTaxation
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.
Sponsor
Cosponsors9
Warren DavidsonRU.S. Representative · 8th District · OH
Tom EmmerRU.S. Representative · 6th District · MN
Jeff CrankRU.S. Representative · 5th District · CO
Claudia TenneyRU.S. Representative · 24th District · NY
David KustoffRU.S. Representative · 8th District · TN
Zachary NunnRU.S. Representative · 3rd District · IA
Shri ThanedarDU.S. Representative · 13th District · MI
William R. Timmons IVRU.S. Representative · 4th District · SC
Troy DowningRU.S. Representative · 2nd District · MTFloor votes3
Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.Senate · Mar 26, 202570–28
Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150.Senate · Mar 26, 202570–28
On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)House · Mar 11, 2025292–132
Other titles
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".Official Title as IntroducedOfficial Titles from EH (Engrossed in House) bill text
Legislative history23
Apr 10, 2025
PresidentBecame Public Law No: 119-5.
Apr 10, 2025
PresidentSigned by President.
Apr 1, 2025
House · FloorPresented to President.
Mar 27, 2025
Senate · FloorMessage on Senate action sent to the House.
Mar 26, 2025
Senate · Floor
Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.Roll Call 15169–28
By party
Yea
Nay
Present
Not voting
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0
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Point to any number to see who it includes.
Mar 26, 2025
Senate · FloorMeasure laid before Senate by motion. (consideration: CR S1856-1864)
Mar 26, 2025
Senate · Floor
Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150.Roll Call 15069–28
By party
Yea
Nay
Present
Not voting
0
0
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Point to any number to see who it includes.
Mar 12, 2025
SenateReceived in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27.
Mar 11, 2025
House · FloorMotion to reconsider laid on the table Agreed to without objection.
Mar 11, 2025
House · Floor
On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)Roll Call 71292–132
By party
Yea
Nay
Present
Not voting
0
0
0
0
Point to any number to see who it includes.
Mar 11, 2025
House · FloorConsidered as unfinished business. (consideration: CR H1126)
Mar 11, 2025
House · FloorPOSTPONED PROCEEDINGS - At the conclusion of debate on H.J. Res. 25, the Chair put the question on passage of the joint resolution and by voice vote announced that the ayes had prevailed. Mr. Davis (IL) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
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Documents8
Texts
Public Law 119-5LatestPublic LawU.S. Government Publishing OfficeApr 10, 2025The final text sent to the PresidentEnrolled BillU.S. Government Publishing OfficeMar 28, 2025As passed by the HouseEngrossed in HouseU.S. Government Publishing OfficeMar 11, 2025As placed on the Senate calendarPlaced on Calendar SenateU.S. Government Publishing OfficeMar 12, 2025As reported by the House committeeReported in HouseU.S. Government Publishing OfficeFeb 28, 2025As introduced in the HouseIntroduced in HouseU.S. Government Publishing OfficeJan 21, 2025