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 would overturn a new IRS rule about reporting crypto sales. The IRS rule, issued on December 30, 2024, would have required people and platforms that help carry out decentralized finance (DeFi) transactions to report certain information on digital asset sales to the IRS . By canceling that rule, the measure stops those new reporting requirements from taking effect for brokers that regularly help with digital asset sales .

In simple terms, if this becomes law, the planned IRS reporting rules for DeFi-related crypto sales would not apply. Tax rules would stay as they were before this IRS rule was issued .

• Who is affected: People and platforms that help execute DeFi and other digital asset sales (often called brokers)
• What changes: The IRS’s new reporting requirement for these transactions is blocked; no new reports under that rule would be required
• When: It targets the IRS rule issued December 30, 2024