The General MIDI 2 specification says that "The velocity effect on volume is not defined". But it does define the response to the Channel Volume and Expression controllers as dB = 40 × log₁₀ (127 / velocity). (Many devices allow to select different velocity response curves.)
The DLS specification defines the response to Velocity, Volume, and Expression as dB = 20 × log₁₀ (127² / velocity²):