Legis
Finance
Public law 119-5, H.J. Res. 25 · Thursday 10 April 2025

H.J. Res. 25, Public Law 119-5

Congress overturned the IRS rule requiring certain digital asset brokers to report gross proceeds from sales.

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The reporting rule has no legal force or effect, removing the requirements it would have imposed.

What the law does ​

  • Disapproves the IRS digital asset broker reporting rule.
  • Nullifies the rule’s legal effect.

Who it affects ​

  • Brokers that regularly provide services carrying out digital asset sales.
  • People whose digital asset sales would have been covered by the reporting rule.

Context ​

The joint resolution was approved on April 10, 2025.

Breakdown ​

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”. ​

This law overturns an Internal Revenue Service rule on reporting gross proceeds from digital asset sales by brokers that regularly provide services to carry out those sales. The rule has no legal force or effect.

Key takeaways

  • Congress disapproved the IRS digital asset broker reporting rule.
  • The rule addressed reporting of gross proceeds from digital asset sales.
  • The rule is no longer legally effective.
  • The joint resolution was approved on April 10, 2025.