**Congress Rejects IRS Reporting Rule on Digital Assets**

Chamber
house

about 1 month ago - Politics

Congress Blocks New IRS Rule on Digital Assets

In a recent vote, the House of Representatives passed a resolution to block a new rule from the Internal Revenue Service (IRS) that would have required brokers to report specific sales of digital assets, such as cryptocurrencies. This new rule was intended to help track profits from the growing digital economy, but it faced strong opposition from House Republicans.

The decision means that brokers will no longer need to report the total money they receive from selling digital currencies. This change simplifies the process for brokers who help people buy, sell, or trade these digital assets. Without this reporting requirement, individuals using these services can enjoy more privacy and fewer complications when it comes to their finances.

The resolution passed with the support of House Republicans, who believed that blocking the IRS rule would help encourage activity within the digital currency market. By making it easier for brokers to operate without the burden of extensive reporting, Congress hopes to support the growth of this billion-dollar industry. This change allows more people to participate in digital asset transactions without the stress of additional paperwork and regulations.

In summary, Congress has removed a rule that would have made it more difficult for brokers in the digital finance sector, potentially allowing for more growth and participation in the world of cryptocurrencies.

This is a resolution that blocks a new rule set by the Internal Revenue Service (IRS). The rule was about how brokers must report money they earn when helping people sell digital assets, like cryptocurrencies.

The main points are:

  1. Congress disagrees with this rule from the IRS and does not want it to happen.
  2. The rule will not apply anymore, meaning brokers will not have to report gross money from these digital sales in this way.

This decision affects brokers who help people sell digital assets. They won't have to deal with extra rules from the IRS, which makes things simpler for them.

424 votes

Yes

292

No

132

Not Voting

7

  1. Signed by President.
  2. Became Public Law No: 119-5.
  3. Presented to President.
  4. Message on Senate action sent to the House.
  5. Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
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  6. Measure laid before Senate by motion. (consideration: CR S1856-1864)
  7. Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150.
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  8. Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151.
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  9. Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27.
  10. Placed on Calendar Senate

    This is a resolution that stops a rule from the Internal Revenue Service (IRS) about how brokers report sales from digital assets.

    • The rule requires brokers to report the total amount of money made from digital asset sales.
    • Congress does not agree with this rule, so it has decided to disapprove it.
    • This means the rule will not be put into action.
    • Congress passed this decision on March 11, 2025.

    In simple terms, brokers won't have to share this specific sales information anymore because Congress said no to the rule.

  11. Motion to reconsider laid on the table Agreed to without objection.
  12. On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
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  13. Passed/agreed to in House: On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)
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  14. Considered as unfinished business. (consideration: CR H1126)
  15. POSTPONED PROCEEDINGS - At the conclusion of debate on H.J. Res. 25, the Chair put the question on passage of the joint resolution and by voice vote announced that the ayes had prevailed. Mr. Davis (IL) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
  16. The previous question was ordered pursuant to the rule.
  17. DEBATE - The House proceeded with one hour of debate on H.J. Res. 25.
  18. Rule provides for consideration of H.J. Res. 25, H.R. 1156 and H.R. 1968. The resolution provides for consideration of H.J. Res. 25, H.R. 1156, and H.R. 1968 under a closed rule. Also, the resolution provides for one hour of general debate and one motion to recommit on each measure.
  19. Engrossed in House

    This is a decision made by Congress to block a new rule from the Internal Revenue Service (IRS) about reporting money from digital asset sales.

    The important points are:

    • Congress does not agree with the IRS rule about how brokers should report earnings from digital asset sales.
    • This rule will not be enforced and will not have any effect.
    • Congress passed this decision on March 11, 2025.

    This means that brokers do not have to follow this reporting rule for now.

  20. Reported in House

    This is a resolution that blocks a new rule set by the Internal Revenue Service (IRS). The rule was about how brokers must report money they earn when helping people sell digital assets, like cryptocurrencies.

    The main points are:

    1. Congress disagrees with this rule from the IRS and does not want it to happen.
    2. The rule will not apply anymore, meaning brokers will not have to report gross money from these digital sales in this way.

    This decision affects brokers who help people sell digital assets. They won't have to deal with extra rules from the IRS, which makes things simpler for them.

  21. Introduced in House

    This is a resolution where Congress does not agree with a new rule from the Internal Revenue Service (IRS).

    1. The important point is that Congress is saying "no" to a rule that requires brokers to report all money they make from selling digital assets, like cryptocurrency.

    2. This rule was planned to start on December 30, 2024, but now it will not happen.

    3. By stopping this rule, Congress believes it will help prevent too many reports that could confuse both brokers and people who use their services.

    4. This decision means that brokers will not have to share detailed information about every sale involving digital assets, making things simpler for them.

    5. Overall, this action shows that Congress is listening to worries from brokers and is trying to make things easier for everyone involved in digital asset sales.