Search people, articles, bills, and more
The House passed H.J. Res. 25 to block a new IRS rule that would have required cryptocurrency brokers to report transaction totals to the government.
This resolution targets an Internal Revenue Service (IRS) regulation concerning digital assets like Bitcoin and NFTs. The rule required "brokers" (such as cryptocurrency exchanges) to report the total amount of money from sales to the IRS. By passing this resolution, the House moved to prevent that reporting requirement from ever taking effect, citing concerns over taxpayer privacy and the administrative burden on digital asset companies. This was a vote on the passage of a joint resolution under the Congressional Review Act. A "yea" vote is a vote to overturn an executive branch regulation. For the resolution to become law and successfully kill the rule, it must pass both the House and Senate and be signed by the President (or have a presidential veto overridden). The resolution passed with a bipartisan majority. While Republicans were unanimous in their support, they were joined by 78 Democrats. Because the measure eventually became law, this vote served as a critical step in permanently blocking the IRS from receiving this specific type of financial data from cryptocurrency platforms.
Following House passage, the resolution moved to the Senate. It was eventually signed into law as Public Law 119-5.
OPEN BILL →Why it matters. This vote was a significant clash over how the government should regulate the digital economy and the level of financial privacy cryptocurrency users should maintain.
Who’s affected. Cryptocurrency Investors: Their total sales amounts will not be automatically reported to the IRS by the platforms they use. · Digital Asset Brokers: Exchanges and trading platforms avoid the administrative costs of a new federal reporting mandate. · Internal Revenue Service: The agency loses a planned data source intended to help identify and tax capital gains from digital assets.
Democrats. The majority of Democrats voted to keep the IRS rule in place, but 78 members defected to support the resolution.
Republicans. The Republican caucus voted unanimously to block the IRS regulation.
On Passage
Mar 11, 2025
The House passed H.J.
Res. 25 to block a new IRS rule that would have required cryptocurrency brokers to report transaction totals to the government.
This is a vote to pass a resolution under the Congressional Review Act, a tool that allows Congress to overturn specific regulations made by federal agencies. A "yes" vote means the member wants to permanently block the regulation from being implemented.
Following House passage, the resolution moved to the Senate. It was eventually signed into law as Public Law 119-5.
This vote was a significant clash over how the government should regulate the digital economy and the level of financial privacy cryptocurrency users should maintain.
Republicans were completely unified in support of the measure, while Democrats were split, with more than a third of the caucus joining Republicans to pass it.
The majority of Democrats voted to keep the IRS rule in place, but 78 members defected to support the resolution.
The Republican caucus voted unanimously to block the IRS regulation.
The lone independent member voted in favor of the resolution.