United States of America: Joint Resolution to disapprove IRS Digital Asset Reporting Rule (HJR 25) was passed by House of Representatives

On 11 March 2025, the Joint Resolution to disapprove the Internal Revenue Service (IRS) Digital Asset Reporting Rule (HJR 25) was passed by the House of Representatives. The IRS rule, published on 30 December 2024, extends reporting requirements to brokers that facilitate the sale of digital assets, including certain decentralised finance (DeFi) platforms. Under Chapter 8 of Title 5 of the United States Code, Congress has the authority to review and disapprove regulatory actions through a resolution of disapproval. If passed, HJR 25 would prevent the IRS rule from taking effect, meaning that digital asset brokers would not be subject to the new reporting requirements.