Senate Votes to Block IRS Rule Requiring Crypto Brokers to Report Sales Data
The House must act next: House consideration.
No action since March 2025
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Small crypto businesses, exchanges, and DeFi platforms would have faced significant compliance costs to build reporting systems under the IRS rule. By blocking the rule, Congress removes a potentially expensive regulatory burden that smaller companies in the digital asset space said could threaten their viability. This is especially relevant for startups and smaller platforms that lack the infrastructure of major exchanges.
Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
Papers returned to Senate pursuant to H. Res. 212.
Papers returned to Senate pursuant to H. Res. 212
Held at the Desk
Received in the House
The House has received the Senate-passed bill and will decide whether to take it up.
On the Motion to Proceed
On the Joint Resolution
The Senate voted 70-28 on a House resolution to repeal an IRS rule that expanded the definition of a 'broker' for tax reporting. The move is part of a Republican strategy to support the blockchain industry's contribution to the U.S. economy.
President Trump signed a joint congressional resolution nullifying an IRS rule that sought to impose stringent tax reporting requirements on decentralized finance (DeFi) platforms. The repeal was carried out under the Congressional Review Act.
The House passed H.J. Res. 25 to overturn IRS rules relating to gross proceeds reporting by brokers. Republicans celebrated the vote as a victory against government overreach, while critics noted a $4.5 billion hit to the federal deficit.
Document Type
Congressional Bill
Official Title
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".
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