Congress stops IRS rule on crypto broker reporting

What it does

Congress killed a rule about crypto brokers. The rule would have made brokers report sales to the IRS. It was set to start in 2025. Now brokers will not have to file these reports. The IRS will have less information about crypto sales.

Who it affects

Cryptocurrency brokers and traders are affected. Taxpayers who earn wages face stronger IRS checks than crypto traders now do.

One thing to notice

The rule would have given the IRS data on crypto sales. Without it, the IRS must rely on other sources.

From the analysis of the bill text, linked under Primary records below.

Where it stands

9 cosponsors: 8 Republicans, 1 Democrats.

• Jan 21, 2025 — Introduced · Congress.gov: “Introduced in House”
• Jan 21, 2025 — Referred to House Committee on Ways and Means · Congress.gov: “Referred to the House Committee on Ways and Means”
• Feb 26, 2025 — Markup held in committee · Congress.gov: “Committee Consideration and Mark-up Session Held”
• Feb 26, 2025 — Reported out of committee · Congress.gov: “Ordered to be Reported by the Yeas and Nays: 26 - 16”
• Mar 11, 2025 — Passed the House · Congress.gov: “On passage Passed by the Yeas and Nays: 292 - 132, 1 Present (Roll no. 71). (text: CR H1099)”
• Mar 26, 2025 — Passed both chambers · Congress.gov: “Passed Senate without amendment by Yea-Nay Vote. 70 - 28. Record Vote Number: 151”
• Apr 1, 2025 — Sent to president · Congress.gov: “Presented to President”
• Apr 10, 2025 — Signed into law · Congress.gov: “Became Public Law No: 119-5”

Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.

Money around this bill

3 groups reported lobbying about this bill. They filed 3 reports from Dec 2025 to Jun 2026.

Those reports show $1,140,000 in lobbying spending. Each report lists about 17 bills. So that money was not all for this bill.

More groups named this bill than 61% of bills with any report.

Mike Carey, who sponsored the bill, received $1,787,017 from PACs for the 2026 election.

• American Federation of State County and Municipal Employees — $690,000 in 1 report
• Digital Currency Group — $410,000 in 1 report
• Ozone Networks, Inc. D/b/a Opensea — $40,000 in 1 report

Lobbying is legal. These reports show who lobbied about this bill, not what changed.

Words to know

• cryptocurrency — Money or value stored and traded online using computer codes.
• brokers — Companies that buy and sell crypto for other people.
• IRS — The government agency that collects taxes and checks tax reports.
• lobbying — Trying to influence lawmakers about a bill. Companies and groups pay people to do this.
• PACs — Groups that collect money and give it to candidates for office.
• sponsored — To sponsor a bill is to introduce it in Congress and put your name on it.