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".

This measure cancels an IRS rule that would have made certain crypto “brokers” report details about digital asset sales to the IRS. It targets people and platforms that help carry out decentralized finance (DeFi) transactions. By voiding the rule, these brokers would not have to send new reports about customers’ crypto sale proceeds to the IRS. People who trade crypto may get fewer official tax forms, but they still must report and pay any taxes they owe on their own.

• The IRS rule being canceled is called “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales,” and it was issued on December 30, 2024.

In short, this stops the planned IRS reporting rule for DeFi-related crypto sales. It reduces reporting by platforms, but does not change taxpayers’ duty to report income.