SJRES 3
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This joint resolution aims to block a rule issued by the Internal Revenue Service (IRS) regarding reporting of gross proceeds from digital asset sales. The IRS rule, effective December 30, 2024, required certain individuals involved in decentralized financial (DeFi) transactions to report this information to the IRS. Congress is using the process of congressional disapproval to overturn this specific IRS rule.
Key provisions
- Congress disapproves the IRS rule.
- The rule’s provisions are nullified.
- The resolution utilizes the congressional disapproval process.
- It specifically targets a rule concerning digital asset reporting.
- The rule relates to transactions within decentralized financial (DeFi) systems.
Who is affected
- Individuals involved in decentralized financial (DeFi) transactions
- Brokers facilitating digital asset sales
- The Internal Revenue Service (IRS)
Notable changes
- Prevents the IRS from requiring reporting of digital asset sales proceeds under the specified rule.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.
119th CONGRESS — 1st Session
S. J. RES. 3
IN THE SENATE OF THE UNITED STATES
JOINT RESOLUTION
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales
.
Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales(89 Fed. Reg. 106928 (December 30, 2024)), and such rule shall have no force or effect.