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".
Legislative Progress
Plain English Summary
AI-generatedWhat This Bill Does
This legislation uses a special congressional process — called the Congressional Review Act — to cancel a rule that the IRS had created regarding the reporting of cryptocurrency and other digital asset transactions. The IRS rule would have required brokers (such as cryptocurrency exchanges and certain other platforms that help people buy and sell digital assets) to report information about sales and exchanges of digital assets to the IRS, similar to how traditional stockbrokers report stock sales. By passing this bill, Congress has officially blocked that IRS rule from taking effect.
Who It Affects
This law primarily affects people and businesses involved in buying, selling, or trading cryptocurrencies and other digital assets — such as Bitcoin, Ethereum, or NFTs — as well as the platforms and brokers that facilitate those transactions. Under the cancelled IRS rule, brokers would have been required to track and report customers' gross proceeds (essentially the total money received from sales) to the IRS. With this law in place, those reporting requirements no longer apply, meaning brokers are not obligated to submit that specific information, and users of those platforms face less automatic tax reporting on their digital asset activity.
Key Takeaway
This is now a signed law (Public Law 119-5), meaning the IRS rule has been permanently cancelled and — under the Congressional Review Act — the IRS cannot issue a substantially similar rule in the future without new authorization from Congress. It does not eliminate any existing tax obligations individuals may have on digital asset gains; it simply removes this particular automatic reporting mechanism.
This summary is AI-generated for informational purposes. Always refer to the official bill text for legal accuracy.
Latest Action
Became Public Law No: 119-5.
April 10, 2025
Sponsor
Committees
Legislative History
Signed by President.
Apr 10, 2025Became Public Law No: 119-5.
Apr 10, 2025Signed by President.
Apr 10, 2025Became Public Law No: 119-5.
Apr 10, 2025Presented to President.
Apr 1, 2025Presented to President.
Apr 1, 2025Message on Senate action sent to the House.
Mar 27, 2025Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
Mar 26, 2025Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
Mar 26, 2025Measure laid before Senate by motion. (consideration: CR S1856-1864)
Mar 26, 2025Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150.
Mar 26, 2025Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27.
Mar 12, 2025Considered as unfinished business. (consideration: CR H1126)
Mar 11, 2025Motion to reconsider laid on the table Agreed to without objection.
Mar 11, 2025On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
Mar 11, 2025Passed/agreed to in House: On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
Mar 11, 2025POSTPONED 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, 2025The previous question was ordered pursuant to the rule.
Mar 11, 2025DEBATE - The House proceeded with one hour of debate on H.J. Res. 25.
Mar 11, 2025Rule 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, 2025Considered under the provisions of rule H. Res. 211. (consideration: CR H1099-1102)
Mar 11, 2025Rules 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.
Mar 11, 2025Reported by the Committee on Ways and Means. H. Rept. 119-7.
Feb 28, 2025Reported by the Committee on Ways and Means. H. Rept. 119-7.
Feb 28, 2025Placed on the Union Calendar, Calendar No. 3.
Feb 28, 2025Ordered to be Reported by the Yeas and Nays: 26 - 16.
Feb 26, 2025Committee Consideration and Mark-up Session Held
Feb 26, 2025Introduced in House
Jan 21, 2025Introduced in House
Jan 21, 2025Referred to the House Committee on Ways and Means.
Jan 21, 2025