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President Trump Signs Joint Resolution Striking Down IRS "Broker Rule" on Digital Assets

"This rule promised an end to the United States crypto industry – it was a sledgehammer to the engine of American innovation. On behalf of our members, and the entire industry, we're grateful to have this harmful rule off the books for good."
Kristin Smith, Blockchain Association CEO
"This rule promised an end to the United States crypto industry – it was a sledgehammer to the engine of American innovation. On behalf of our members, and the entire industry, we're grateful to have this harmful rule off the books for good."
Kristin Smith, Blockchain Association CEO

President Trump signed into law a Congressional Review Act Resolution to strike down an IRS rule requiring "persons effectuating decentralized financial (DeFi) transactions to report [gross proceeds] 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 and Senate in March 2025. (See related coverage.) 

In a Fact Sheet that accompanied the Resolution, House Ways and Means Committee Chair Jason Smith stated: "[t]he new rule would require DeFi Brokers to file a Form 1099 and subject DeFi Brokers to the same reporting rules as brokers for securities and operators of custodial digital asset trading platforms. However, unlike securities brokers or centralized brokers of custodial digital assets – which operate more like banks – DeFi Brokers are decentralized, do not collect the information from users needed to implement this rule, and are not the same as traditional securities brokers."

 

Primary Sources

  1. US Congress: H.J.Res.25: Actions

Related Articles

  • House Passes Resolution to Overturn "Broker Rule"

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

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Tags

Regulated Products
Digital Assets
Jurisdiction
US - Federal
Organization
US Congress