What is the current status of HJRES 25?

HJRES 25 is currently: Became Law.

How did the House vote on HJRES 25?

In the House, the recorded vote was 290 yea to 131 nay (Passed).

Who sponsored HJRES 25?

HJRES 25 was sponsored by Mike Carey (R), Rep.

Ends Digital Asset Reporting Requirement

IntroducedJanuary 21, 2025

Became Law1 year ago

Intro

House

Senate

Pres

Became Public Law No: 119-5.

TaxationAdministrative law and regulatory proceduresCongressional oversightCurrencyDigital mediaFinancial services and investmentsInternal Revenue Service (IRS)Tax administration and collection, taxpayers

Why This Matters

This resolution nullifies a rule that requires brokers to report sales of digital assets to the Internal Revenue Service.

If you trade digital assets, brokers will no longer report your sales to the Internal Revenue Service.

Who this affects

brokers · individuals buying or selling digital assets

What does this resolution do?

1This resolution stops brokers from reporting sales of digital assets to the Internal Revenue Service.
2Without this rule, customers may not receive detailed information about their digital asset transactions.
3This disapproval could lead to less transparency in the digital asset market.
4Brokers will no longer have to file information returns for digital asset sales.
5This resolution affects how digital asset transactions are tracked for tax purposes.

Read the detailed summary

This joint resolution nullifies requirements for persons effectuating decentralized financial (De Fi) 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.

Read full document

Ends Digital Asset Reporting Requirement

IntroducedJanuary 21, 2025

Became Law1 year ago

Intro

House

Senate

Pres

Became Public Law No: 119-5.

Why This Matters

This resolution nullifies a rule that requires brokers to report sales of digital assets to the Internal Revenue Service.

If you trade digital assets, brokers will no longer report your sales to the Internal Revenue Service.

Who this affects

brokers · individuals buying or selling digital assets

What does this resolution do?

1This resolution stops brokers from reporting sales of digital assets to the Internal Revenue Service.
2Without this rule, customers may not receive detailed information about their digital asset transactions.
3This disapproval could lead to less transparency in the digital asset market.
4Brokers will no longer have to file information returns for digital asset sales.
5This resolution affects how digital asset transactions are tracked for tax purposes.

Read the detailed summary

Read full document