On April 10, 2025, President Donald Trump signed House Joint Resolution 25 (H.J. Res. 25) into law, officially nullifying an IRS rule that sought to impose stringent tax reporting requirements on decentralized finance (DeFi) platforms. DeFi platforms are platforms and services that facilitate digital asset transactions without taking custody of assets.
The IRS DeFi regulations, “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales,” published in the Federal Register on December 30, 2024, classified DeFi platforms as “brokers” under U.S. tax law. Under this rule, DeFi platforms would have been required to:
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File IRS Form 1099-DA for transactions involving digital assets.
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Collect and report detailed user information, including transaction histories and taxpayer identities.
These requirements were set to take effect for transactions beginning January 1, 2027.
H.J. Res. 25 was introduced under the Congressional Review Act (CRA), which allows Congress to overturn federal regulations with a simple majority vote in both chambers. The resolution disapproves of and effectively repeals the IRS rule targeting DeFi platforms. Once a rule is overturned under the CRA, it cannot be reissued in substantially similar form without new legislation from Congress.
Although H.J. Res. 25 removes the IRS regulations specifically targeting DeFi platforms, other IRS regulations still require digital asset brokers to report 1099-DA beginning with tax year 2025 transactions filed in 2026.
H.J. Res. 25 can be found here.
An announcement from the United State House Committee on Ways and Means can be found here.
A White House announcement is forthcoming.
