H.J.Res. 25: 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".

119th Congress · introduced 2025-01-21 · Taxation · Latest: Became Public Law No: 119-5.

federal

Official title

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".

Plain summary

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.

Congressional Research Service summary (Public Law), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

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".

Source: Congressional Research Service summary (Public Law)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

Officials and money

Sponsor: Rep. Carey, Mike [R-OH-15] · 9 cosponsors

Cost estimate: CBO cost estimate: H.J. Res. 25, a joint resolution 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” (2025-03-07)

Cosponsors on this site

Tom Emmer (R-MN), Warren Davidson (R-OH), Jeff Crank (R-CO), Claudia Tenney (R-NY), Shri Thanedar (D-MI), Zachary Nunn (R-IA), David Kustoff (R-TN), William R. Timmons IV (R-SC), Troy Downing (R-MT)

Sponsor's campaign money: Rep. Carey, Mike [R-OH-15] reported raising $4.2 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

House roll call 71 (2025): On Passage, H J RES 25 (2025-03-11): Passed
Senate vote 150 (2025): On the Motion to Proceed, HJRES25 (2025-03-26): Motion to Proceed Agreed to
Senate vote 151 (2025): On the Joint Resolution, HJRES25 (2025-03-26): Joint Resolution Passed

Words on this page, explained (2)

Joint resolution: In Texas, the type of measure the Legislature uses to propose a constitutional amendment (marked HJR or SJR). The governor does not sign or veto it; the voters decide. In Congress a joint resolution can also be used like a bill. In Florida, a joint resolution passed by three-fifths of the members of each chamber puts a constitutional amendment on the ballot.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Public Law)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119hjres25.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hjres>

Record fed-us-cong119-hjres25 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills