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CIVIC HERALD
HJRES 25 · 119th Congress · HouseEnacted

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".

In plain language: This bill cancels an Internal Revenue Service rule that requires certain cryptocurrency platforms and brokers to report users' sales directly to the government. As a result, these digital services will not have to track customer sales totals or send tax forms to traders and the IRS. While crypto investors are still legally required to report and pay taxes on their gains, the government will not automatically receive records of their transactions from these platforms.

Provisional: our plain-language summary, pending review.

Provisionalunreviewed: impact, provisions, stakeholders, summary
People affected—not determinable from the text provided
Fiscal magnitude—not determinable from the text provided
Reach52provisional · pending reviewrigor: heuristic llm
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Issues

What this bill touches.

Crypto & digital assets−45Regulation (cross-sector)−30

The sign shows the bill's direction on each issue (+ toward, − away); the number is its magnitude. Color never encodes good or bad, and never party.

Who it affects

Who it helps · who it burdens.

Who it helps

  • Digital asset brokersRelieves them of the regulatory requirement under the disapproved IRS rule to report gross proceeds from digital asset sales transactions.provisional

Who opposes it

  • Internal Revenue ServiceDirectly disapproves and nullifies the agency's final rule regarding gross proceeds reporting for digital asset transactions, rendering it of no force or effect.provisional

Dollar-level funding (FEC sector totals) is coming in a later phase.

What it does

The provisions, in plain language.

  1. Nullifies an Internal Revenue Service rule requiring brokers that facilitate digital asset sales to report gross proceeds from those transactions.

    provisional

How your members of Congress line up

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Timeline

How it moved.

  1. Apr 10, 2025Became Public Law No: 119-5.
  2. Apr 10, 2025Became Public Law No: 119-5.
  3. Apr 10, 2025Signed by President.
  4. Apr 10, 2025Signed by President.
  5. Apr 1, 2025Presented to President.
  6. Apr 1, 2025Presented to President.
  7. Mar 26, 2025Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
  8. Mar 26, 2025Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
  9. Mar 26, 2025Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150.
  10. Mar 11, 2025Motion to reconsider laid on the table Agreed to without objection.
  11. Mar 11, 2025On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
  12. Mar 11, 2025Passed/agreed to in House: On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
  13. Mar 11, 2025Rules Committee Resolution H. Res. 211 Reported to House. Rule provides for consideration of H.J. Res. 25, H.R. 1156 and H.R. 1968. The resolution provides for consideration of H.J. Res. 25, H.R. 1156, and H.R. 1968 under a closed rule. Also, the resolution provides for one hour of general debate and one motion to recommit on each measure.
  14. Feb 28, 2025Reported by the Committee on Ways and Means. H. Rept. 119-7.
  15. Feb 28, 2025Reported by the Committee on Ways and Means. H. Rept. 119-7.
  16. Feb 26, 2025Ordered to be Reported by the Yeas and Nays: 26 - 16.
  17. Jan 21, 2025Introduced in House
  18. Jan 21, 2025Introduced in House

The original text

Read it for yourself.

Read the original text →

Sources & provenance

Congress.govrefreshed 9 days ago

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