Open Eye

A plain-language record of the U.S. government

119th Congress · House

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".

Subjects: Administrative law and regulatory procedures · Congressional oversight · Currency · Digital media · Financial services and investments · Internal Revenue Service (IRS) · Tax administration and collection, taxpayers · Taxation

In plain language

  • House joint resolution in the 119th Congress.
  • Nullifies requirements for persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales.
  • House passed it on Mar 11, 2025 (substantive).
Official summary (Congressional Research Service)

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.

View this measure on congress.gov

Roll-call votes on this measure