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Ways and Means advances resolution to overturn IRS ‘DeFi broker’ rule, JCT estimates $3.9 billion revenue impact
Summary
The committee voted to favorably report H.J. Res. 25, a Congressional Review Act measure to void the IRS rule applying broker reporting to decentralized finance (DeFi) transactions. Joint Committee on Taxation estimated the repeal would reduce baseline receipts by roughly $3.9 billion (FY2025–2034). The resolution passed the committee 26‑16.
The House Ways and Means Committee voted to advance a Congressional Review Act resolution (H.J. Res. 25) that would rescind the Internal Revenue Service’s December 2024 rule applying broker reporting requirements to decentralized finance transactions.
Tom Barthold of the Joint Committee on Taxation provided the technical description and the revenue estimate: "The joint resolution before you provides that the December regulations applicable to the noncustodial part of the market would cease to have effect and would be treated as never having taken effect." He said adoption of the resolution would reduce baseline federal receipts by approximately $3,900,000,000 over fiscal years 2025 through 2034, according to JCX staff estimates.
The measure was reported favorably to the House…
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