Congress Axes IRS Crypto Sales Reporting Rule in Dramatic Reversal
Published Date: 7/11/2025
Rule
Summary
Congress and the President have scrapped a new rule that would have made brokers report the full sale amounts of digital assets. This means brokers won’t have to change how they report digital asset sales, and no new money or paperwork is needed right now. The Treasury and IRS are officially removing this rule and going back to the old way of doing things.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Final Rule Nullified by Congress
Congress passed a joint resolution disapproving the final rule titled "Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales," and the President signed it. Because of that disapproval and operation of the Congressional Review Act, the final rule has no legal force or effect.
No New Broker Reporting Burden Now
Brokers that handle digital asset sales will not have to change how they report those sales, and the document states no new money or paperwork is needed right now. The Treasury and IRS are not enforcing the replaced reporting requirement at this time.
CFR Reverted to Prior Regulatory Text
The Treasury Department and IRS are removing the final rule from the Code of Federal Regulations and reverting the CFR text back to what was in effect immediately before that final rule. This restores the prior regulatory language governing reporting of digital asset sales.
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