What it does
SourcedThis 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.
Official summary by the Congressional Research Service (Public Law, Apr 10, 2025).
Our plain-language breakdown, with what it means for you and the case for and against, is written once a bill starts to move.
What has happened
Sourced- 2025-04-10Became Public Law No: 119-5.Library of Congress
- 2025-04-10Signed by President.Library of Congress
- 2025-04-01Presented to President.Library of Congress
- 2025-03-26Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151. Roll call recordLibrary of Congress
- 2025-03-11Passed/agreed to in House: On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099) Roll call recordLibrary of Congress
- 2025-02-28Reported by the Committee on Ways and Means. H. Rept. 119-7.Library of Congress
- 2025-01-21Introduced in HouseLibrary of Congress
After it became law
SourcedSince it became law on Apr 10, 2025, the Federal Register, the government's daily record of rules and notices, has published 2 documents that name it: 1 final rule and 1 notice.
Named in the body of the document
The quote shows how each one uses the law: as the reason for a change, as background, or in passing.
- Notice; 2025 Statutory Pay-As-You-Go Act Annual Report
…Emissions Charge for Petroleum and Natural Gas Systems: Procedures for Facilitating Compliance, Including Netting and Exemptions." Public Law 119-4, Full-Year Continuing Appropriations and Extensions Act, 2025; Public Law 119-5, 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…
- Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales
The President signed the joint resolution of disapproval into law as Public Law 119-5 on April 10, 2025.
In effect since Jul 11, 2025 · Changes 26 CFR part 1
Found by searching the Federal Register for Public Law 119-5 and the law's names, then reading each document: every one listed contains them, and the quote is its own words. An agency can carry out a law without naming it, so this list can miss some. Checked Oct 27, 2026. Every new law's rules
Recorded votes
SourcedMar 11, 2025 · House roll call 71 · needed 1/2
On Passage: Passed 292–132
R 216 yes, 0 no, 2 present or not votingD 76 yes, 132 no, 6 present or not voting
Mar 26, 2025 · Senate roll call 150 · needed 1/2
On the Motion to Proceed: Motion to Proceed Agreed to 70–28
R 52 yes, 0 no, 1 present or not votingI 0 yes, 2 noD 18 yes, 26 no, 1 present or not voting
Mar 26, 2025 · Senate roll call 151 · needed 1/2
On the Joint Resolution: Joint Resolution Passed 70–28
R 53 yes, 0 noI 0 yes, 2 noD 17 yes, 26 no, 2 present or not voting
Cosponsors
- Jeff Crank R-CO-5
- Warren Davidson R-OH-8
- Troy Downing R-MT-2
- Tom Emmer R-MN-6
- David Kustoff R-TN-8
- Zachary Nunn R-IA-3
- Claudia Tenney R-NY-24
- Shri Thanedar D-MI-13
- William R. Timmons IV R-SC-4