Bills · 119th Congress · Taxation

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".

Where it stands

  1. Introduced1/21/25
  2. Passed HousePassed 3/11/25
  3. SenatePassed 3/26/25
  4. PresidentSigned 4/10/25
  5. LawPublic Law 119-5

Passed the House 292–132 on March 11, 2025 (Roll Call 71 →). Passed the Senate 70–28 on March 26, 2025 (Roll Call 151 →). Became Public Law 119-5 on April 10, 2025.

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Roll calls on this bill

Votes on passage
SenateOn the Joint Resolution · 3/26/25Joint resolutionA vote to pass a joint resolution. Like a bill, it becomes law once both chambers pass it and the president signs it — except a proposed constitutional amendment, which needs two-thirds of each chamber and ratification by three-quarters of the states.Senate glossary: joint resolution ↗
Joint Resolution Passed
  • Democratic17 Yea · 26 Nay · 2 Not voting
  • Republican53 Yea · 0 Nay · 0 Not voting
  • Independent / Other0 Yea · 2 Nay · 0 Not voting
HouseOn Passage · 3/11/25PassageThe vote on whether this chamber approves the measure — usually by a simple majority of those voting. It becomes law only once both chambers pass the same text and the president signs it, or Congress overrides a veto.House: The Legislative Process ↗
Passed
  • Democratic76 Yea · 132 Nay · 1 Present · 5 Not voting
  • Republican216 Yea · 0 Nay · 0 Present · 2 Not voting
  • Independent / Other0 Yea · 0 Nay · 0 Present · 0 Not voting
Official summary (CRS)

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.

Full text on congress.gov ↗
Sponsor
Rep. Mike Carey ( Republican · OH-15)
Cosponsors
9
Introduced
1/21/25
Policy area
Taxation

What happens next

Became Public Law 119-5.

All actions (25)
  1. 1/21/25Introduced in House
  2. 1/21/25Referred to the House Committee on Ways and Means.
  3. 2/26/25Committee Consideration and Mark-up Session Held
  4. 2/26/25Ordered to be Reported by the Yeas and Nays: 26 - 16.
  5. 2/28/25Reported by the Committee on Ways and Means. H. Rept. 119-7.
  6. 2/28/25Placed on the Union Calendar, Calendar No. 3.
  7. 3/11/25Rules 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.
  8. 3/11/25Considered under the provisions of rule H. Res. 211. (consideration: CR H1099-1102)
  9. 3/11/25Rule 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.
  10. 3/11/25DEBATE - The House proceeded with one hour of debate on H.J. Res. 25.
  11. 3/11/25The previous question was ordered pursuant to the rule.
  12. 3/11/25POSTPONED 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.
  13. 3/11/25Considered as unfinished business. (consideration: CR H1126)
  14. 3/11/25Passed/agreed to in House: On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
  15. 3/11/25On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
  16. 3/11/25Motion to reconsider laid on the table Agreed to without objection.
  17. 3/12/25Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27.
  18. 3/26/25Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150.
  19. 3/26/25Measure laid before Senate by motion. (consideration: CR S1856-1864)
  20. 3/26/25Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
  21. 3/26/25Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
  22. 3/27/25Message on Senate action sent to the House.
  23. 4/1/25Presented to President.
  24. 4/10/25Signed by President.
  25. 4/10/25Became Public Law No: 119-5.