The record

LegislationLegislation· Apr 2025
H.J.Res. 25 Signed into law

Sponsored by Mike Carey (R)

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".

Nullifies reporting rules for decentralized finance transactions.

Tradeoff

Blocks the federal tax collection agency from requiring brokers to report digital asset sales. No offsetting spending or revenue changes.

What's in it

See official bill text

Reduces federal revenues by $1.8 billion over 2025-2030 and $4.5 billion over 2025-2035, increasing the deficit by those amounts.

This measures the federal revenue loss from repealing a rule that required crypto brokers to report transaction information to the —the government collects less tax from digital asset transactions without this reporting mechanism.

H.J. Res. 25, a 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” · Mar 2025

The House passed this 292-132 on March 11, 2025. The Senate agreed to proceed on March 26, 2025 (70-28), then passed it the same day (70-28). Signed into law April 10, 2025.

  1. House

    Introduced

    (Jan 21, 2025)

  2. House

    Committee on Ways and Means(Jan 21, 2025)

  3. House

    The Committee on Ways and Means voted to send it to the floor

    Reported 26 - 16(Feb 26, 2025)

    Committee report H. Rept. 119-7.

  4. House

    Passage of the bill

    Passed(Roll #71 · Mar 11, 2025)

    292 yeanay 132

  5. Senate

    Received from the House

    Received(Mar 12, 2025)

  6. Senate

    On the

    Motion to Proceed to H.J.Res. 25

    Motion to Proceed Agreed to(Roll #150 · Mar 26, 2025)

    70 yeanay 28

  7. Senate

    On the Joint Resolution

    Joint Resolution Passed(Roll #151 · Mar 26, 2025)

    70 yeanay 28

  8. House

    Sent to the President

    (Apr 1, 2025)

  9. White House · Signature

    Signed

    Donald Trump (R)

  10. Enacted

    Became law(Apr 10, 2025)

Final passage· 119th Congress · 2025–2027