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 bill became law
What it doesSummary 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.
What just happenedApr 10, 2025
Became Public Law No: 119-5.
Who’s behind it
- Placed on Calendar SenateMar 12, 2025
- Engrossed in HouseMar 11, 2025
- Reported in HouseFeb 28, 2025
- Introduced in HouseJan 21, 2025
- Public LawApr 11, 2025