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".
Congress Votes to Block IRS Rule Requiring Crypto Brokers to Report Sales and Profits
Signed Into Law
This legislation has been enacted.
Legislative Progress
292–132
Key Points
Impact Analysis
Personal Impact
Life & Work
Small crypto businesses, decentralized finance platforms, and smaller digital asset brokers would have faced significant compliance costs to build reporting systems under the IRS rule. By blocking the rule, Congress removes that regulatory burden. Many of these businesses argued they didn't have the technical ability to collect and report the required data, especially decentralized platforms with no central operator.
Activities
Milestones
Became Public Law No: 119-5.
The President signed it. This is now the law of the land.
Signed by President.
The President signed it. This is now the law of the land.
Presented to President.
Both chambers passed identical text. The President has 10 days to sign it into law or veto it.
Message on Senate action sent to the House.
Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
The Senate voted to approve this bill. If the House already passed it, it goes to the President.
Vote Results
3 votesOn the Motion to Proceed
On the Joint Resolution
Related News
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The Senate voted 70-28 to repeal an IRS rule that expanded the definition of a 'broker' for tax reporting. The move aligns with a Republican strategy to support the blockchain industry by removing reporting burdens on decentralized finance platforms.
Biden-era crypto rule set to be repealed
The House voted 292-132 to roll back an IRS rule requiring crypto brokers to report more information. This marks the first time Congress has used the Congressional Review Act to rescind a tax regulation, with the repeal projected to cost $4 billion over a decade.
Republicans Celebrate House Passage of DeFi Broker CRA
House Republicans and some Democrats voted to overturn IRS rules for digital asset sales. Supporters called the rule government overreach, while the CBO estimated the repeal would increase the federal deficit by $4.5 billion through 2035.
Source Information
Document Type
Congressional Bill
Official Title
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".
Data Sources
Sponsor
Cosponsors
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