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119th Congress · H.J.Res. 25 · Final

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 joint resolution nullifies requirements for persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the Internal Revenue Service (IRS). Specifically, the joint resolution nullifies the requirements included in the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the IRS on December 30, 2024. Decentralized finance refers to the suite of financial activities and services that are facilitated by cryptocurrency and intended to be conducted without any sort of reliance on traditional financial tools or intermediaries.

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SubjectsAdministrative law and regulatory proceduresCongressional oversightCurrencyDigital mediaFinancial services and investmentsInternal Revenue Service (IRS)Tax administration and collection, taxpayers
Sponsor
Mike Carey, R-OH-15
3 terms · @RepMikeCarey
1433 Longworth House Office Building Washington DC 20515-3515 · 202-225-2015
Cosponsors (9)
  • Tom Emmer, R-MN-6
    Co-sponsored Jan 28, 2025 · 6 terms · @RepTomEmmer
  • Warren Davidson, R-OH-8
    Co-sponsored Jan 28, 2025 · 6 terms · @WarrenDavidson
  • Jeff G. Crank, R-CO-5
    Co-sponsored Feb 4, 2025 · 1 term · @RepJeffCrank
  • Claudia Tenney, R-NY-24
    Co-sponsored Feb 7, 2025 · 4 terms · @RepTenney
  • Shri Thanedar, D-MI-13
    Co-sponsored Feb 24, 2025 · 2 terms · @RepShriThanedar
  • Zachary (Zach) M. Nunn, R-IA-3
    Co-sponsored Feb 24, 2025 · 2 terms · @ZachNunn
  • David Kustoff, R-TN-8
    Co-sponsored Feb 24, 2025 · 5 terms · @RepDavidKustoff
  • William R. Timmons, R-SC-4
    Co-sponsored Feb 25, 2025 · 4 terms · @RepTimmons
  • Troy B. Downing, R-MT-2
    Co-sponsored Feb 27, 2025 · 1 term · @reptroydowning
Committees (1)
  • Ways and Means Committee
    House Standing · Activity Feb 28, 2025
Actions (30)
  1. Apr 10, 2025 · via Library of Congress
    Became Public Law No: 119-5.
  2. Apr 10, 2025 · via Library of Congress
    Became Public Law No: 119-5.
  3. Apr 10, 2025 · via Library of Congress
    Signed by President.
  4. Apr 10, 2025 · via Library of Congress
    Signed by President.
  5. Apr 1, 2025 · via House floor actions
    Presented to President.
  6. Apr 1, 2025 · via Library of Congress
    Presented to President.
  7. Mar 27, 2025 · via Senate
    Message on Senate action sent to the House.
  8. Mar 26, 2025 · via Senate
    Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
  9. Mar 26, 2025 · via Library of Congress
    Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
  10. Mar 26, 2025 · via Senate
    Measure laid before Senate by motion. (consideration: CR S1856-1864)
  11. Mar 26, 2025 · via Senate
    Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150.
  12. Mar 12, 2025 · via Senate
    Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27.
  13. Mar 11, 2025 · via House floor actions
    Motion to reconsider laid on the table Agreed to without objection.
  14. Mar 11, 2025 · via House floor actions
    On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
  15. Mar 11, 2025 · via Library of Congress
    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
  16. Mar 11, 2025 · via House floor actions
    Considered as unfinished business. (consideration: CR H1126)
  17. Mar 11, 2025 · via House floor actions
    POSTPONED PROCEEDINGS - At the conclusion of debate on H.J. Res. 25, the Chair put the question on passage of the joint resolution and by voice vote announced that the ayes had prevailed. Mr. Davis (IL) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
  18. Mar 11, 2025 · via House floor actions
    The previous question was ordered pursuant to the rule.
  19. Mar 11, 2025 · via House floor actions
    DEBATE - The House proceeded with one hour of debate on H.J. Res. 25.
  20. Mar 11, 2025 · via House floor actions
    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.
  21. Mar 11, 2025 · via House floor actions
    Considered under the provisions of rule H. Res. 211. (consideration: CR H1099-1102)
  22. Mar 11, 2025 · via House floor actions
    Rules 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.
  23. Feb 28, 2025 · via House floor actions
    Placed on the Union Calendar, Calendar No. 3.
  24. Feb 28, 2025 · via House floor actions
    Reported by the Committee on Ways and Means. H. Rept. 119-7.
  25. Feb 28, 2025 · via Library of Congress
    Reported by the Committee on Ways and Means. H. Rept. 119-7.
  26. Feb 26, 2025 · via House committee actions
    Ordered to be Reported by the Yeas and Nays: 26 - 16.
  27. Feb 26, 2025 · via House committee actions
    Committee Consideration and Mark-up Session Held
  28. Jan 21, 2025 · via House floor actions
    Referred to the House Committee on Ways and Means.
  29. Jan 21, 2025 · via Library of Congress
    Introduced in House
  30. Jan 21, 2025 · via Library of Congress
    Introduced in House
IntroducedJan 21, 2025
Policy areaTaxation

Constitutional authority cited

[Congressional Record Volume 171, Number 12 (Tuesday, January 21, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CAREY:H.J. Res. 25.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8[Page H258]
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