H.J.Res. 25 · 119th Congress · House

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 Regu

Signed into LawEconomy

Introduced 2025-01-21 · Sponsored by Rep. Carey, Mike [R-OH-15] (R-OH) · Last updated 2026-03-31

Last action (2025-04-10): Became Public Law No: 119-5.

Summary

Blocks an IRS rule that would have required DeFi platforms to report crypto transactions to the government, similar to how stock brokers report trades. The rule was meant to close a tax enforcement gap, but critics said it was unworkable because many DeFi platforms run on code, not companies, making traditional broker-style reporting nearly impossible.

Congress.gov — H.J.Res. 25

The Good

Prevents burdensome reporting requirements on decentralized platforms

The IRS rule would have required persons facilitating decentralized finance (DeFi) transactions to report gross proceeds from digital asset sales. DeFi platforms are often run by code, not companies, making traditional broker reporting technically impossible or impractical for many operators.

Congress.gov — H.J.Res. 25

Avoids forcing a traditional finance framework onto new technology

DeFi protocols operate differently than traditional brokerages. Applying broker reporting rules designed for centralized intermediaries to decentralized, permissionless systems could drive innovation offshore to jurisdictions with clearer or lighter regulations.

Congress.gov — H.J.Res. 25 Text

The Bad

Removes tax reporting that would close a significant compliance gap

The IRS estimated billions of dollars in cryptocurrency gains go unreported annually. The reporting rule was designed to give the IRS the same visibility into digital asset transactions that it has for stock and bond trades, enabling enforcement against tax evasion.

Congress.gov — H.J.Res. 25

Creates an asymmetry where crypto is less transparent than traditional finance

Stock brokers, banks, and other financial intermediaries are required to report transactions to the IRS. Without equivalent reporting for digital assets, cryptocurrency remains a more attractive vehicle for tax avoidance compared to regulated financial products.

Congress.gov — H.J.Res. 25 Text

Vote Record

Senate, 2025-03-26

Bipartisan

Passage (Senate)

70 Yea28 Nay0 NV

Republicans

53Y / 0N

Democrats

17Y / 26N / 2NV

Independents

0Y / 2N

Passed Congress.gov — Senate Roll Call #151

Senate vote by state

Hover over a state to see its delegation

Republican majority Yea

Democrat majority Yea

Bipartisan split

No vote data

All Sources

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