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".

# Summary of HJRES 25 **What the Bill Does** This bill cancels an IRS rule that was set to require certain financial platforms and services to report information about digital asset (cryptocurrency) sales to tax authorities. The rule, issued by the IRS in late December 2024, would have required brokers and platforms handling decentralized finance (DeFi) transactions to collect and report details about digital asset sales. By passing this resolution, Congress effectively rejected this reporting requirement before it could take effect. **Who It Affects** The bill primarily impacts cryptocurrency exchanges, digital asset platforms, and DeFi services that would have been responsible for collecting and reporting transaction data.

It also affects individual cryptocurrency users and investors, who would have faced increased tax reporting on their digital asset transactions. The IRS and tax collection efforts are also affected, as the agency loses a tool for tracking digital asset transactions. **Current Status** The bill has already been signed into law, meaning Congress successfully used its authority to overturn the IRS rule. This represents a significant victory for cryptocurrency industry advocates who opposed the reporting requirement, arguing it was too burdensome or unclear in its requirements.