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”.
Key claim: A joint resolution would nullify the IRS rule requiring persons effectuating decentralized finance (DeFi) digital asset sales to report gross proceeds and related information to the IRS.
Abstract
(SJRES3 · 119th Congress) This joint resolution nullifies the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the Internal Revenue Service (IRS) on December 30, 2024. The rule generally requires persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the IRS. Latest action (2025-03-12): Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
Why this matters
Digital asset broker gross-proceeds reporting is a major expansion of IRS visibility into crypto and DeFi transactions, and DeFi front-ends have argued they cannot practically collect payee information the way centralized exchanges can. A successful CRA disapproval would not only void the current rule but statutorily bar the IRS from reissuing a substantially similar one, shifting DeFi tax compliance back onto individual taxpayer self-reporting. The status of the resolution is a bellwether for how Congress polices Treasury’s reach into novel financial technologies through the information-reporting system.