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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-20277, Federal Scholarship Tax Credit
The IRS is proposing new rules for a tax credit that rewards people who donate to groups giving scholarships for K-12 education. This affects donors, states that approve these groups, and the groups themselves. Comments are open until December 1, 2026, with a public hearing on December 15, so get ready to share your thoughts and maybe save some money on your taxes!
2026-20026, Trump Accounts
Starting September 30, 2026, the IRS is rolling out new temporary rules for Trump accounts, which work like special retirement accounts. The government will automatically set up your first Trump account, and there are new ways to contribute, including using qualified stock. These changes affect account trustees, beneficiaries, and donors, making it easier and clearer to manage and fund Trump accounts.
2026-20027, Trump Accounts
The IRS is rolling out new rules for Trump accounts, which affect trustees, beneficiaries, and donors. These rules cover how to set up accounts, automatic enrollment, and special contributions like qualified stock. Comments on these changes are open until November 30, 2026, so get ready to weigh in!
2026-18219, Car Loan Interest Deduction
This document contains final regulations regarding the deduction for certain taxpayers for an amount up to $10,000 of qualified passenger vehicle loan interest. This document also contains final regulations regarding new information reporting requirements for certain persons who, in a trade or business, receive from any individual interest aggregating $600 or more for any calendar year on a specified passenger vehicle loan, including applicable penalties for failures to file information returns or furnish payee statements as required. These regulations affect taxpayers that may deduct qualified passenger vehicle loan interest, and also persons subject to these information reporting requirements.
2026-17622, Federal Independent Dispute Resolution Operations; Correction
This document corrects typographical errors and omissions in the final rule that appeared in the June 4, 2026, Federal Register titled "Federal Independent Dispute Resolution Operations" (referred to hereafter as the "IDR final rule"). The effective date of the IDR final rule was August 3, 2026.
2026-11343, Trump Accounts; Hearing
The IRS is holding a public hearing on July 16, 2026, about new rules for opening Trump accounts. People interested in speaking must submit their topics by June 15, or the hearing gets canceled. These changes could affect how certain accounts are managed and reported, so stay tuned for updates that might impact your money and taxes.
Previous / Next Documents
Previous: 2025-12894, Airworthiness Directives; Airbus SAS Airplanes
The FAA is updating safety rules for certain Airbus A319, A320, and A321 airplanes to keep wings strong and safe. They’re adding more planes to the list, changing when inspections must happen, and banning some repair methods that don’t work well. If you own or operate these planes, expect new deadlines and rules to keep flying safe without breaking the bank.
Next: 2025-12973, Imposition of Special Measures Prohibiting Certain Transmittals of Funds Involving CIBanco S.A., Institution de Banca Multiple, Intercam Banco S.A., Institución de Banca Multiple, and Vector Casa de Bolsa, S.A. de C.V.; Extension of Effective Date
FinCEN is extending restrictions on money transfers involving three Mexican financial institutions—CIBanco, Intercam, and Vector—because they’re linked to illegal opioid trafficking. The new deadline to keep these special rules in place is now September 4, 2025. This means certain fund transfers with these banks remain blocked for 45 more days to help fight money laundering.