2025-12967Rule

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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Key Dates

Published Date
7/11/2025

Department and Agencies

Department
Independent Agency
Agency
Treasury Department
Internal Revenue Service
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