H.J.Res. 25 · Where this bill is now
Became law
Public Law 119-5, Apr 10, 2025
What this bill does
In plain words · AI-written from the official summaryBlocks IRS digital asset reporting rule
The IRS recently created a rule requiring certain people who help facilitate digital asset transactions (like cryptocurrency sales) to report information about those sales to the agency. This resolution would cancel that rule, meaning those reporting requirements would no longer apply.
How it affects you
If you use decentralized finance services or trade digital assets, this resolution could affect what information gets reported about your transactions. The official summary doesn't spell out exactly how this changes things for individual users or what consequences it might have.
Read the official summary (Public Law, Apr 10, 2025)
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH.J.Res. 25
JOINT RESOLUTION
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".
Sponsor: Rep. Mike Carey (R-OH-15) · Introduced Jan 21, 2025 · Taxation · 5 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Apr 10, 2025: “Became Public Law No: 119-5.”
How Congress voted
Official roll callsHouse · On Passage · Mar 11, 2025
Passage Passed 292–132
| Party | Yes | No | Present | Didn’t vote |
|---|---|---|---|---|
| Democrats | 76 | 132 | 1 | 5 |
| Republicans | 216 | 0 | 0 | 2 |
76 members voted against most of their party: 76 Democrats voted Yes.
Congress votes on whole bills and amendments, not on single sections.
Sections
The wording of this bill hasn’t changed across its 5 official versions.