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No New Digital Asset Reporting Requirements for Brokers

The U.S. Congress rejected a new IRS rule that would have required brokers to report digital asset sales. This means citizens will not face additional reporting burdens related to digital transactions that could have impacted their tax filings.
Key points
IRS rule on digital asset sales reporting has been disapproved.
Brokers will not be required to report digital asset transactions to the IRS.
No new reporting obligations for citizens regarding digital assets.
article Official text account_balance Process page
VOTING RESULTS
2025-03-27
71%
For 70
Against 28
Abstain 0
Full voting results open_in_new
Became Law
Citizen Poll
No votes cast
Additional Information
Print number: 119_HJRES_25
Sponsor: Rep. Carey, Mike [R-OH-15]
Process start date: 2025-01-21
Voting date: 2025-03-27
Meeting no: 1
Voting no: 151
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL 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".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HJRES_25.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-01-21.

What are the main provisions?

Key points include:

  • IRS rule on digital asset sales reporting has been disapproved.
  • Brokers will not be required to report digital asset transactions to the IRS.
  • No new reporting obligations for citizens regarding digital assets.
What is the specific legal status?

The current status is Became Law.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Carey, Mike [R-OH-15].

What is the latest detailed status?

The latest detailed status is: Became Public Law No: 119-5.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-21.

CATEGORIES

Taxes Economy