Overturning IRS Crypto Broker Reporting Rule
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".
Signed into law Apr 10, 2025 · Taxation
What this law does
- Cancels a December 30, 2024, IRS rule requiring people who carry out decentralized finance (DeFi) cryptocurrency transactions to report digital asset sales to the IRS.
Plain-language list by Voting On, based only on the official summary by the nonpartisan Congressional Research Service and the bill's titles. Read the official summary.
How it became law
- IntroducedJan 21, 2025 · House
- 49 daysPassed HouseMar 11, 2025
- 15 daysPassed SenateMar 26, 2025
- 6 daysPresented to the PresidentApr 1, 2025
- 9 daysSigned into lawApr 10, 2025
Official 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.
Summary by the nonpartisan Congressional Research Service (Public Law, Apr 10, 2025).
Who wrote it
Sponsor: Rep. Carey, Mike [R-OH-15]
9 cosponsors: 8 Republicans, 1 Democrats. 0 signed on the day it was introduced, 9 joined later.
Show all cosponsors
| Cosponsor | Signed on | |
|---|---|---|
| Rep. Emmer, Tom [R-MN-6] | Jan 28, 2025 | |
| Rep. Davidson, Warren [R-OH-8] | Jan 28, 2025 | |
| Rep. Crank, Jeff [R-CO-5] | Feb 4, 2025 | |
| Rep. Tenney, Claudia [R-NY-24] | Feb 7, 2025 | |
| Rep. Thanedar, Shri [D-MI-13] | Feb 24, 2025 | |
| Rep. Nunn, Zachary [R-IA-3] | Feb 24, 2025 | |
| Rep. Kustoff, David [R-TN-8] | Feb 24, 2025 | |
| Rep. Timmons, William R. [R-SC-4] | Feb 25, 2025 | |
| Rep. Downing, Troy [R-MT-2] | Feb 27, 2025 |
Recorded votes
| Date | Chamber | Vote | Yeas | Nays |
|---|---|---|---|---|
| Mar 11, 2025 | House | On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). | 292 | 132 |
| Mar 26, 2025 | Senate | Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151. | 70 | 28 |
| Mar 26, 2025 | Senate | Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150. | 70 | 28 |
What was added
Amendments adopted (0)
No floor amendments were adopted. Any changes were made in committee or in a later version of the bill.
Sections in the final law that were not in the first version (Introduced in House) (0)
None. Every section heading in the final law was already in the first version (Introduced in House).
What was removed
Sections in the first version (Introduced in House) that did not make it into the law (0)
None. Every section heading from the first version (Introduced in House) remains in the law.
Compared by section heading between the Introduced in House text (Jan 21, 2025) and the Enrolled Bill text, both from GovInfo. Wording changes inside a section that kept its heading are not shown here; see the amendments and the text versions.
Proposed but not adopted
No amendments were voted down or withdrawn.
Full action history
Show all 30 official actions
| Apr 10, 2025 | Signed by President. |
| Apr 10, 2025 | Signed by President. |
| Apr 10, 2025 | Became Public Law No: 119-5. |
| Apr 10, 2025 | Became Public Law No: 119-5. |
| Apr 1, 2025 | Presented to President. |
| Apr 1, 2025 | Presented to President. |
| Mar 27, 2025 | Message on Senate action sent to the House. |
| Mar 26, 2025 | Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150. |
| Mar 26, 2025 | Measure laid before Senate by motion. (consideration: CR S1856-1864) |
| Mar 26, 2025 | Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151. |
| Mar 26, 2025 | Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151. |
| Mar 12, 2025 | Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27. |
| Mar 11, 2025 | Motion to reconsider laid on the table Agreed to without objection. |
| Mar 11, 2025 | Passed/agreed to in House: On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099) |
| Mar 11, 2025 | On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099) |
| Mar 11, 2025 | Considered as unfinished business. (consideration: CR H1126) |
| Mar 11, 2025 | POSTPONED 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. |
| Mar 11, 2025 | The previous question was ordered pursuant to the rule. |
| Mar 11, 2025 | DEBATE - The House proceeded with one hour of debate on H.J. Res. 25. |
| Mar 11, 2025 | Rule provides for consideration of H.J. Res. 25, H.R. 1156 and H.R. 1968. The resolution provides for consideration of H.J. Res. 25, H.R. 1156, and H.R. 1968 under a closed rule. Also, the resolution provides for one hour of general debate and one motion to recommit on each measure. |
| Mar 11, 2025 | Considered under the provisions of rule H. Res. 211. (consideration: CR H1099-1102) |
| Mar 11, 2025 | Rules Committee Resolution H. Res. 211 Reported to House. Rule provides for consideration of H.J. Res. 25, H.R. 1156 and H.R. 1968. The resolution provides for consideration of H.J. Res. 25, H.R. 1156, and H.R. 1968 under a closed rule. Also, the resolution provides for one hour of general debate and one motion to recommit on each measure. |
| Feb 28, 2025 | Reported by the Committee on Ways and Means. H. Rept. 119-7. |
| Feb 28, 2025 | Reported by the Committee on Ways and Means. H. Rept. 119-7. |
| Feb 28, 2025 | Placed on the Union Calendar, Calendar No. 3. |
| Feb 26, 2025 | Committee Consideration and Mark-up Session Held |
| Feb 26, 2025 | Ordered to be Reported by the Yeas and Nays: 26 - 16. |
| Jan 21, 2025 | Introduced in House |
| Jan 21, 2025 | Introduced in House |
| Jan 21, 2025 | Referred to the House Committee on Ways and Means. |
Sources: Congress.gov (bill record, sponsors, actions, amendments, CRS summary) and GovInfo (official text). Days are calendar days.