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House Passes Resolution to Overturn "Broker Rule"

"I was proud to protect America's leadership in the digital asset ecosystem and vote to overturn this harmful, anti-innovation midnight rulemaking."
French Hill, House Financial Services Committee Chair
"I was proud to protect America's leadership in the digital asset ecosystem and vote to overturn this harmful, anti-innovation midnight rulemaking."
French Hill, House Financial Services Committee Chair

The House of Representatives passed a resolution nullifying a December 30, 2024 IRS rule requiring "persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales." 

H.J. Res 25, titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales, passed the House in a 292-132 vote. The resolution was sent to the Senate for consideration on March 12, 2025.

In a House Financial Services Committee press release, Chair French Hill lauded the passage of the resolution aimed at overturning the Biden Administration's "Broker Rule." Mr. Hill said, "[d]efining DeFi software providers that never take custody of users' assets as 'brokers' imposes costly and burdensome reporting requirements that undermine privacy and technological progress in the United States."

Mr. Hill also said "the 'Broker Rule' is a clear example of government overreach that threatens to push American digital asset development overseas." 

 

Primary Sources

  1. House Committee on Financial Services: Press Release: Chairman Hill Applauds House Passage of Resolution to Overturn Harmful 'Broker Rule'
  2. House Joint Resolution: 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 Serv

Tags

Regulated Products
Digital Assets
Jurisdiction
US - Federal
Organization
US Congress