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Congress·Enacted·11 months ago

Congress Votes to Block IRS Rule Requiring Crypto Brokers to Report Sales and Profits

Legislative Progress

✓ Filed
✓ Review
✓ House

292–132

✓ Senate
✓ President

Impact Analysis

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Key Points

  • Congress is moving to cancel a new IRS rule that would have changed how cryptocurrency is taxed. The rule required 'brokers'—which includes many crypto platforms and services—to report the total amount of money customers made from selling digital assets.
  • This policy affects people who buy and sell cryptocurrency and the companies that help them do it. If the rule were in place, these companies would have to send tax forms to both the IRS and the investors, showing exactly how much money was made on each sale starting in 2025.
  • Supporters of the IRS rule say it helps the government catch people who aren't paying their taxes on crypto profits. However, critics in Congress argue the rule is too broad, creates a massive paperwork burden for tech companies, and could hurt the privacy of digital asset users.
  • By passing this resolution, Congress is using a special power to ensure the IRS rule has no legal power. This means the IRS cannot move forward with these specific reporting requirements and is generally blocked from creating a similar rule in the future without new permission from Congress.
TaxesTechnology Digital

Milestones

10 milestones25 actions
Apr 10, 2025

Became Public Law No: 119-5.

Apr 10, 2025

Signed by President.

Apr 1, 2025House

Presented to President.

Mar 27, 2025Senate

Message on Senate action sent to the House.

Mar 26, 2025Senate

Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.

Vote Results

3 votes
HousePassedPassageMar 11, 2025

On Passage

292
132
Democrat
76 – 132 · 6
Republican
216 – 0 · 2
View full roll call
SenatePassedProceduralMar 26, 2025

On the Motion to Proceed

70
28
Democrat
18 – 26 · 1
Republican
52 – 0 · 1
Independent
0 – 2
View full roll call
SenatePassedMar 26, 2025

On the Joint Resolution

70
28
Democrat
17 – 26 · 2
Republican
53 – 0
Independent
0 – 2
View full roll call

Related News

5 articles
Axios·11 months ago

Senate sends IRS crypto rule repeal to Trump's desk to be signed

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.

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Politico·12 months ago

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.

CL=
Reuters·12 months ago

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.

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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".

Bill NumberHJRES 25
Congress119th Congress
ChamberHouse of Representatives
Latest ActionBecame Public Law No: 119-5.

Sponsor

Cosponsors

(9)
D: 1R: 8

Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.