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".
Sponsored by Mike Carey
Became Public Law No: 119-5.
Apr 10, 2025
This joint resolution nullifies an IRS rule issued on December 30, 2024, that requires persons conducting decentralized financial (DeFi) transactions to report certain information about digital asset sales to the Internal Revenue Service. The rule being nullified is titled 'Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales.' The resolution eliminates these reporting requirements for DeFi transactions, which refer to financial activities and services conducted using cryptocurrency without reliance on traditional financial intermediaries.
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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.