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".

4/11/2025, 3:32 PM

Summary of Bill HJRES 25

**Title**: H.J.Res. 25 - Disapproval of IRS Rule on Digital Asset Sales Reporting

**Overview**: House Joint Resolution 25 is a proposal that seeks to overturn a specific rule made by the Internal Revenue Service (IRS). This rule involves how brokers report transactions involving digital assets, such as cryptocurrencies.

**Details**: - **IRS Rule**: The rule requires brokers who help sell digital assets to report the gross proceeds from these sales. This means they must give detailed information to the IRS about how much money was made from selling digital assets. - **Purpose of Rule**: The IRS created this rule to make sure taxes are correctly reported and collected from transactions involving digital assets. It’s part of a broader effort to ensure compliance and transparency in the growing digital financial market. **Resolution’s Aim**: - **Disapproval**: This resolution seeks to cancel the IRS rule. It expresses congressional disapproval, suggesting Congress does not agree with the IRS’s approach to managing digital asset sales. - **Legislative Process**: Under chapter 8 of title 5 of the U.S. Code, Congress can review new federal regulations and vote to disapprove them. If both the House and Senate pass the resolution and the President signs it, the rule is invalidated. **Implications**: - If passed, brokers would not have to follow the specific reporting requirements set by the IRS rule for digital asset transactions. - Supporters of the resolution might argue that the rule is too burdensome or stifles innovation in digital finance. - Opponents might argue that the rule is necessary for transparency and ensuring tax compliance in emerging markets. **Conclusion**: H.J.Res. 25 challenges a significant IRS rule regarding digital assets, reflecting ongoing debates in Congress over how best to regulate and manage the rapidly evolving world of digital finance.

Congressional Summary of HJRES 25

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.

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Current Status of Bill HJRES 25

Bill HJRES 25 is currently in the status of Signed by President since April 10, 2025. Bill HJRES 25 was introduced during Congress 119 and was introduced to the House on January 21, 2025. Bill HJRES 25's most recent activity was Became Public Law No: 119-5. as of April 10, 2025

Bipartisan Support of Bill HJRES 25

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HJRES 25

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HJRES 25

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".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".

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