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
- Apr 10, 2025PresidentE40000
Became Public Law No: 119-5.
- Apr 10, 2025BecameLaw36000
Became Public Law No: 119-5.
- Apr 10, 2025PresidentE30000
Signed by President.
- Apr 10, 2025BecameLaw36000
Signed by President.
- Apr 1, 2025FloorE20000
Presented to President.
- Apr 1, 2025President28000
Presented to President.
- Mar 27, 2025Floor
Message on Senate action sent to the House.
- Mar 26, 2025Floor
Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
- Mar 26, 2025Floor17000
Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
- Mar 26, 2025Floor
Measure laid before Senate by motion. (consideration: CR S1856-1864)
- Mar 26, 2025Floor
Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150.
- Mar 12, 2025Calendars
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27.
- Mar 11, 2025FloorH38310
Motion to reconsider laid on the table Agreed to without objection.
- Mar 11, 2025FloorH37100
On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
- Mar 11, 2025Floor8000
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, 2025FloorH30000
Considered as unfinished business. (consideration: CR H1126)
- Mar 11, 2025FloorH8D000
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, 2025FloorH35000
The previous question was ordered pursuant to the rule.
- Mar 11, 2025FloorH8D000
DEBATE - The House proceeded with one hour of debate on H.J. Res. 25.
- Mar 11, 2025FloorH8D000
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, 2025FloorH30000
Considered under the provisions of rule H. Res. 211. (consideration: CR H1099-1102)
- Mar 11, 2025FloorH1L210
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, 2025CalendarsH12410
Placed on the Union Calendar, Calendar No. 3.
- Feb 28, 2025CommitteeH12200
Reported by the Committee on Ways and Means. H. Rept. 119-7.
Ways and Means Committee - Feb 28, 2025Committee5000
Reported by the Committee on Ways and Means. H. Rept. 119-7.
Ways and Means Committee - Feb 26, 2025CommitteeH19000
Ordered to be Reported by the Yeas and Nays: 26 - 16.
Ways and Means Committee - Feb 26, 2025CommitteeH15001
Committee Consideration and Mark-up Session Held
Ways and Means Committee - Jan 21, 2025IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Jan 21, 2025IntroReferralIntro-H
Introduced in House
- Jan 21, 2025IntroReferral1000
Introduced in House