Signed into law
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 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.
- Measure
- H.J.Res. 25 · 119th Congress
- Latest action
- April 10, 2025
- Policy changes
- 1
- Source
- CRS summary (Public Law) · Congress.gov
Became Public Law No: 119-5.
Who wrote it
All 9 cosponsors
- Rep. Warren Davidson (R-OH-8)
- Rep. Tom Emmer (R-MN-6)
- Rep. Jeff Crank (R-CO-5)
- Rep. Claudia Tenney (R-NY-24)
- Rep. David Kustoff (R-TN-8)
- Rep. Zachary Nunn (R-IA-3)
- Rep. Shri Thanedar (D-MI-13)
- Rep. William R. Timmons IV (R-SC-4)
- Rep. Troy Downing (R-MT-2)
How Congress voted
House · March 11, 2025
On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71).
292 yea · 132 nay · 8 other · Republicans 216–0 · Democrats 76–132 · Official record
Senate · March 27, 2025
Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
70 yea · 28 nay · 2 other · Republicans 53–0 · Democrats 17–26 · Independents 0–2 · Official record
Your delegation
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In their own words
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What it changes — and your vote
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Provision 1
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.
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