This joint resolution nullifies the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the Internal Revenue Service (IRS) on December 30, 2024. The rule generally requires persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the IRS.
[119th Congress Public Law 5]
[From the U.S. Government Publishing Office]
[[Page 139 STAT. 48]]
Public Law 119-5
119th Congress
Joint Resolution
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''. <<NOTE: Apr. 10,
2025 - [H.J. Res. 25]>>
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Congress disapproves the
rule submitted by the Internal Revenue Service relating to ``Gross
Proceeds Reporting by Brokers That Regularly Provide Services
Effectuating Digital Asset Sales'' (89 Fed. Reg. 106928 (December 30,
2024)), and such rule shall have no force or effect.
Approved April 10, 2025.
LEGISLATIVE HISTORY--H.J. Res. 25 (S.J. Res. 3):
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HOUSE REPORTS: No. 119-7 (Comm. on Ways and Means).
CONGRESSIONAL RECORD, Vol. 171 (2025):
Mar. 11, considered and passed House.
Mar. 26, considered and passed Senate.
<all>
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.
DEBATE - The House proceeded with one hour of debate on H.J. Res. 25.
The previous question was ordered pursuant to the rule.
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.
Considered as unfinished business. (consideration: CR H1126)
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
Roll Call #71 (House)On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
Roll Call #71 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27.
Enacted as Public Law 119-5
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Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150.
Roll Call #150 (Senate)Measure laid before Senate by motion. (consideration: CR S1856-1864)
Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
Roll Call #151 (Senate)Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
Roll Call #151 (Senate)Message on Senate action sent to the House.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 119-5.
Became Public Law No: 119-5.