Rule2025-12967
Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 11, 2025
Effective
July 11, 2025
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
Pursuant to its authority under the Congressional Review Act (CRA), Congress passed a joint resolution disapproving the final rule titled "Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales," and the President signed the resolution. Under the joint resolution and by operation of the CRA, this final rule has no legal force or effect. The Department of the Treasury (Treasury Department) and the IRS hereby remove this final rule from the Code of Federal Regulations (CFR) and revert the relevant text of the CFR back to the text that was in effect immediately prior to the effective date of this final rule.
Full Text
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<title>Federal Register, Volume 90 Issue 131 (Friday, July 11, 2025)</title>
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[Federal Register Volume 90, Number 131 (Friday, July 11, 2025)]
[Rules and Regulations]
[Pages 30825-30826]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-12967]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 10021]
RIN 1545-BR39
Gross Proceeds Reporting by Brokers That Regularly Provide
Services Effectuating Digital Asset Sales
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final rule; CRA Revocation.
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SUMMARY: Pursuant to its authority under the Congressional Review Act
(CRA), Congress passed a joint resolution disapproving the final rule
titled ``Gross Proceeds Reporting by Brokers that Regularly Provide
Services Effectuating Digital Asset Sales,'' and the President signed
the resolution. Under the joint resolution and by operation of the CRA,
this final rule has no legal force or effect. The Department of the
Treasury (Treasury Department) and the IRS hereby remove this final
rule from the Code of Federal Regulations (CFR) and revert the relevant
text of the CFR back to the text that was in effect immediately prior
to the effective date of this final rule.
DATES: This final rule is effective on July 11, 2025.
FOR FURTHER INFORMATION CONTACT: Roseann Cutrone or Jessica Chase of
the Office of the Associate Chief Counsel (Procedure and
Administration) at (202) 317-5436 (not a toll-free number).
SUPPLEMENTARY INFORMATION: The Treasury Department and the IRS
published a final rule, titled ``Gross Proceeds Reporting by Brokers
that Regularly Provide Services Effectuating Digital Asset Sales,'' in
the Federal Register on December 30, 2024 (89 FR 106928) (Final Rule).
The Final Rule contained amendments to the Income Tax Regulations (26
CFR part 1) under section 6045 of the Internal Revenue Code to require
certain decentralized finance industry participants to file and furnish
information returns as brokers. The Final Rule stated that it was
effective on February 28, 2025.
On March 11, 2025, the United States House of Representatives
passed a joint resolution (H.J. Res. 25) disapproving the Final Rule
under the CRA, 5 U.S.C. 801 et seq. The United States Senate passed
H.J. Res. 25 on March 26, 2025. The President signed the joint
resolution of disapproval into law as Public Law 119-5 on April 10,
2025. Under Public Law 119-5 and by operation of the CRA, the Final
Rule has no force or effect. Accordingly, the Treasury Department and
the IRS hereby remove the Final Rule from the CFR.
Pursuant to the CRA, any rule that takes effect and later is made
of no force or effect by enactment of a joint resolution shall be
treated as though such rule had never taken effect. Accordingly, the
Treasury Department and the IRS are reverting the text of the section
6045 regulations back to the text that was in effect immediately prior
to the effective date of the Final Rule.
This action is not an exercise of the Treasury Department and the
IRS's rulemaking authority under the Administrative Procedure Act
because the Treasury Department and the IRS are not ``formulating,
amending, or repealing a rule'' under 5 U.S.C. 551(5). Rather, the
Treasury Department and the IRS are effectuating a change to the CFR to
reflect what congressional and presidential action already has
accomplished. Accordingly, the Treasury Department and the IRS are not
soliciting comments on this action, nor are they delaying the effective
date.
List of Subjects in 26 CFR Part 1
Reporting and recordkeeping requirements.
For the reasons set forth above, and pursuant to the CRA (5 U.S.C.
801 et seq.) and Public Law 119-5, the Treasury Department and the IRS
amend 26 CFR part 1 as follows:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 is amended in part by
reinstating the entry for Sec. 1.6045-1 to read as follows:
Authority: 26 U.S.C. 7805 * * *
* * * * *
Section 1.6045-1 also issued under 26 U.S.C. 6045.
* * * * *
0
Par. 2. Section 1.6045-0 is amended by:
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1. Reinstating the entry for Sec. 1.6045-1(a)(21)(i);
[[Page 30826]]
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2. Removing and reserving the entry for Sec. 1.6045-1(a)(21)(ii);
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3. Reinstating the entry for Sec. 1.6045-1(a)(21)(iii);
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4. Removing and reserving the entry for Sec. 1.6045-1(a)(21)(iii)(A);
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5. Removing the entries for Sec. 1.6045-1(a)(21)(iii)(A)(1) and (2);
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6. Reinstating the entry for Sec. 1.6045-1(a)(21)(iii)(B); and
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7. Removing the entries for Sec. 1.6045-1(a)(21)(iii)(C),
(a)(21)(iii)(C)(1) and (2), and (a)(21)(iii)(D).
The revisions read as follows:
Sec. 1.6045-0 Table of contents.
* * * * *
Sec. 1.6045-1 Returns of information of brokers and barter
exchanges.
(a) * * *
(21) * * *
(i) In general.
* * * * *
(iii) Facilitative service.
* * * * *
(B) Special rule involving sales of digital assets under
paragraphs (a)(9)(ii)(B) through (D) of this section.
* * * * *
0
Par. 3. Section 1.6045-1 is amended by:
0
1. Reinstating paragraph (a)(21);
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2. Reinstating paragraphs (b)(2)(ix) and (x);
0
3. Removing paragraphs (b)(2)(xi) and (b)(24) and (25); and
0
4. Removing the last sentence of paragraph (q).
The revisions read as follows:
Sec. 1.6045-1 Returns of information of brokers and barter exchanges.
(a) * * *
(21) Digital asset middleman--(i) In general. The term digital
asset middleman means any person who provides a facilitative service as
described in paragraph (a)(21)(iii) of this section with respect to a
sale of digital assets.
(ii) [Reserved]
(iii) Facilitative service.
(A) [Reserved]
(B) Special rule involving sales of digital assets under paragraphs
(a)(9)(ii)(B) through (D) of this section. A facilitative service
means:
(1) The acceptance or processing of digital assets as payment for
property of a type which when sold would constitute a sale under
paragraph (a)(9)(i) of this section by a broker that is in the business
of effecting sales of such property.
(2) Any service performed by a real estate reporting person as
defined in Sec. 1.6045-4(e) with respect to a real estate transaction
in which digital assets are paid by the real estate buyer in full or
partial consideration for the real estate, provided the real estate
reporting person has actual knowledge or ordinarily would know that
digital assets were used by the real estate buyer to make payment to
the real estate seller. For purposes of this paragraph
(a)(21)(iii)(B)(2), a real estate reporting person is considered to
have actual knowledge that digital assets were used by the real estate
buyer to make payment if the terms of the real estate contract provide
for payment using digital assets.
(3) The acceptance or processing of digital assets as payment for
any service provided by a broker described in paragraph (a)(1) of this
section determined without regard to any sales under paragraph
(a)(9)(ii)(C) of this section that are effected by such broker.
(4) Any payment service performed by a processor of digital asset
payments described in paragraph (a)(22) of this section, provided the
processor of digital asset payments has actual knowledge or ordinarily
would know the nature of the transaction and the gross proceeds
therefrom.
(5) The acceptance of digital assets in return for cash, stored-
value cards, or different digital assets, to the extent provided by a
physical electronic terminal or kiosk.
* * * * *
(b) * * *
(2) * * *
(ix) A person solely engaged in the business of validating
distributed ledger transactions, through proof-of-work, proof-of-stake,
or any other similar consensus mechanism, without providing other
functions or services.
(x) A person solely engaged in the business of selling hardware or
licensing software, the sole function of which is to permit a person to
control private keys which are used for accessing digital assets on a
distributed ledger, without providing other functions or services.
* * * * *
Edward T. Killen,
Acting Chief Tax Compliance Officer.
Approved: June 17, 2025.
Kenneth J. Kies,
Assistant Secretary of the Treasury (Tax Policy).
[FR Doc. 2025-12967 Filed 7-10-25; 8:45 am]
BILLING CODE 4830-01-P
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</html>Indexed from Federal Register on July 11, 2025.
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