Public Law 119-5
Cancels an IRS rule that would have required decentralized finance platforms to report their customers' digital asset sales the way stockbrokers do.
What this law changes
From a secondary sourceCancels an IRS rule that would have required decentralized finance platforms to report their customers' digital asset sales the way stockbrokers do.
This account is written from the official description of the bill. We have saved the law's official text and have not finished checking the account against it.
Transparency Score
The Transparency Score is the share of this law’s dollars that goes to what the law says it is for.
Transparency Score
Share of the text within the stated purpose:Not checked yetThe text of this law provides and authorizes no dollar amount. The score is the share of its text within the stated intent. That share is "Not checked yet": no reading of this law is approved by a person yet.
How this is counted
- Transparency Score: dollars in sections a person approved as within the stated intent, divided by total dollars in the law. Shown as a percentage. Higher means more of the money goes to what the law says it is for.
- Beside it, the same two numbers the other way round: total dollars divided by dollars within the stated intent. 1.00 means every dollar is within the stated intent. When no dollar is within the stated intent this ratio cannot be computed, and the answer says so.
- Total dollars: appropriated dollars plus authorized dollars, read from the law's text by the rules below. Dollars in a section whose reading is unclear or was not read count in the total and are shown apart as unclear.
- A law whose text provides and authorizes no dollar amount reads "No money in this law". Its score is the share of its words that are in sections within the stated intent.
- The score reads "Not checked yet" until a person approves the law's reading of which sections are within the stated intent. The dollar totals need no reading and are shown before that.
- The dollar totals read "Not checked yet" when more than 10 percent of the dollars read could not be sorted by the rules.
- Every dollar amount in our saved text of the law is read: "$1,234,567", "$5 billion", "$2.5 million". Margin notes, page marks and the table of contents are left out. Each amount is kept with the words printed around it.
- Appropriated: the sentence says "there is appropriated", "is hereby appropriated" or "out of any money in the Treasury not otherwise appropriated"; or the amount is the one an appropriations paragraph ("For ..., $X") provides under an account heading of an appropriations act.
- Authorized: the sentence says "authorized to be appropriated". An authorization lets a later law provide the money. It provides none itself.
- A list under such a sentence ("there is appropriated the following: (1) ...; (2) ..."): an amount that begins an item is counted the same way as the sentence says, unless the sentence gives a total first. Then the items are parts of that total.
- "$X for each of fiscal years 2026 through 2030" is counted as X times the number of years named (here 5). The yearly figure, the years and the product are all kept. "For each fiscal year" with no years named is counted once, and the answer says so.
- Open-ended: "such sums as may be necessary" names no amount. It is counted as an item and adds no dollars.
- Rescinded: "is hereby rescinded", "permanently cancelled", or an item of a list headed "the following funds are hereby rescinded". Shown apart. Not subtracted from the total.
- Not spending, and left out of the total: an amount after "not to exceed", "not more than", "up to", "less than", "in excess of" and like words; a fine or penalty; a limit the law raises ("the limitation is increased by $X"); a figure the law strikes from another law; and a figure inside words it writes into another law ("striking $X and inserting $Y"), unless the same sentence says the figure is authorized or appropriated.
- Counted once: an amount after "of which", after "Provided, That", or after "of the amounts made available" is a part of a total already counted. Where a paragraph ends "in all, $X", that total is counted and the amounts before it are its parts.
- An amount the rules cannot sort is "not classified". It is listed with its words and left out of the total. Nothing is guessed.
- Total dollars: appropriated dollars plus authorized dollars. The two are also shown apart.
What the law says it is for
Confirmed from the official recordThese are the law’s own words, and the words of Congress’s records, about what the law is for.
Official title
“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''.”
The words under "Joint Resolution", Public Law 119-5, official text · Saved October 5, 2026 · Fingerprint bbb1e4c6c7341de4
Congress's summary · Congressional Research Service
“This joint resolution nullifies requirements for persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the Internal Revenue Service (IRS). Specifically, the joint resolution nullifies the requirements included in the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the IRS on December 30, 2024. Decentralized finance refers to the suite of financial activities and services that are facilitated by cryptocurrency and intended to be conducted without any sort of reliance on traditional financial tools or intermediaries.”
Summary of the version: Public Law, Congressional Research Service summary: Public Law · Saved October 6, 2026 · Fingerprint 02c025b359bd7256
Committee report, purpose · House committee
“House Joint Resolution 25 was introduced on January 21, 2025, and was referred to the Committee on Ways and Means. Committee Hearings On February 26, 2025, the Committee held a markup of H.J. Res. 25.”
"Background", House Report 119-7: 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" · Saved October 6, 2026 · Fingerprint 491da9a6f9ef7f03
The law's text gives it no short title.
The law has no findings or purpose section.
Dollars in this law
Confirmed from the official recordThe text of this law provides and authorizes no dollar amount.
Source: Public Law 119-5, official text · Saved October 5, 2026 · Fingerprint bbb1e4c6c7341de4
Other measures
Each measure has its own status. None is added into the score.
- Dollars in sections added along the way
- No money in this law
- Member-requested dollars as a share of appropriated dollars
- $0Confirmed from the official record
House Report 119-7: 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" says the bill carries none. The sentence is quoted.
- Open-ended amounts (“such sums as may be necessary”)
- 0 passagesConfirmed from the official record
- Other bills whose text this law contains
- 2 billsConfirmed from the official record
- How the House passed it
- Recorded vote: 292 Yes, 132 No, 1 Present, 7 Did not vote, March 11, 2025Confirmed from the official record
- How the Senate passed it
- Recorded vote: 70 Yes, 28 No, 0 Present, 2 Did not vote, March 26, 2025Confirmed from the official record
- Committee report saved
- 1 reportConfirmed from the official record
- Hearing saved
- None in the official recordConfirmed from the official record
The bill's official record names no hearing.
How these are counted
- Added along the way, sections: sections of the final law marked "added later", divided by the sections compared.
- Added along the way, words: words in those sections, divided by the words in the sections compared.
- Each text is read as a list of words. A run is 5 words in a row. For each section of the final law we count the share of its runs that appear anywhere in the first published text of the bill. 90 percent or more: in the first text. From 20 to 90 percent: changed. Under 20 percent: added later. A section with fewer than 20 words is not compared.
- Sections outside the stated intent: sections a person approved as outside the stated intent, divided by the sections read. The same count is given in words.
- Member-requested spending: the number of items in the lists Congress printed for the law, and the sum of their dollar amounts.
- A part that is not checked yet is shown as "Not checked yet". It is never counted as zero. No single blended number is given.
Added along the way
Not checked yetSections added later: Not checked yet. The first text of this bill was replaced: 100 percent of it is not in the final law. Under 20 percent of the first text is in the final law, so nearly every section reads as added later.
Amendments adopted
The record lists no adopted amendment to this bill.
Other bills whose text this law contains
The Congressional Research Service, a part of the Library of Congress, marks 2 other bills with the words “Public law contains the text”. That means this law includes text from each of those bills. This page does not compare their texts with the law.
- S.J.Res. 3 A joint resolution 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 Service
- HRES 212 Returning Senate Joint Resolution 3 to the Senate.
Member-requested spending
Confirmed from the official recordA committee report on this bill says the bill, as the committee reported it, carries no spending item requested by a member.
“With respect to clause 9 of rule XXI of the Rules of the House of Representatives, the Committee has carefully reviewed the provisions of the resolution, and states that the provisions of the resolution do not contain any congressional earmarks, limited tax benefits, or limited tariff benefits within the meaning of the rule.”
House Report 119-7: 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" · Saved October 6, 2026 · Fingerprint 491da9a6f9ef7f03
Sections outside the stated intent
Not checked yetA person reviews each reading before it appears here.
On the record
On the record: Not started.
What it touches
Kind of law: Cancels a federal rule. Budget effect: Changes money the government collects.
Government
- Laws and regulations
- Revenue and taxation
The economy
- Digital assets
- Taxes
Daily life
- Privacy and online life
Agencies it funds or directs
Dollar amounts:Not checked yetHow it passed
The House passed it 292 to 132 on March 11, 2025, with 1 member voting Present and 7 who did not vote.
The Senate passed it 70 to 28 on March 26, 2025, with 2 senators who did not vote.
The question on the official record: House, “On Passage”. Senate, “On the Joint Resolution (H.J.Res. 25)”.
| Chamber and party | Yes | No | Present | Did not vote |
|---|---|---|---|---|
| House Republicans | 216 | 0 | 0 | 2 |
| House Democrats | 76 | 132 | 1 | 5 |
| Senate Republicans | 53 | 0 | 0 | 0 |
| Senate Democrats | 17 | 26 | 0 | 2 |
| Senate independents | 0 | 2 | 0 | 0 |
How each member votes
Pick a state to see how its members vote on this law, or show all states. Enter a ZIP code to see your own officials first.
Lobbying reports that name this bill
Confirmed from the official record1 saved lobbying report names H.J.Res. 25. The amount is what the report gives for the whole quarter: everything the registrant did for that client, all issues together. A linked name opens that organization’s page on this site.
| Registrant | Client | Amount for the whole quarter | Quarter | Report |
|---|---|---|---|---|
| DIGITAL CURRENCY GROUP | DIGITAL CURRENCY GROUP | $410,000.00reported as expenses | April to June 2026 | Open the report |
See the lobbying page for H.J.Res. 25
Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.
Lobbying Disclosure Act reports, LDA.gov. This copy was read October 7, 2026 at 5:59 PM Eastern.
Where this comes from
We saved our own copy of each official vote file listed here before writing this page. A code beside a file is its fingerprint, a short code that changes if the file's contents change.