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".

Bill: 119-sjres-3
Sponsor: full_name: Sen. Cruz, Ted [R-TX]
Introduced: 2025-01-21
Policy area: Taxation
Subjects: Administrative law and regulatory procedures

Congressional oversight

Currency

Digital media

Financial services and investments

Internal Revenue Service (IRS)

Tax administration and collection, taxpayers
Latest action: action_date: 2025-03-12
text: Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.

Summaries:
action_date: 2025-01-21
action_desc: Introduced in Senate
text: <p>This joint resolution nullifies the rule titled <em>Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales</em> and issued by the Internal Revenue Service (IRS) on December 30, 2024. The rule generally requires persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the IRS. <em></em><em></em><em></em><em></em></p>

tv_txt: 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 .

That Congress disapproves the rule submitted by the Internal Revenue Service relating to 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.

Passed the Senate March 4, 2025. Secretary

tv_txt: IIA Calendar No. 11 119th CONGRESS 1st Session S. J. RES. 3 IN THE SENATE OF THE UNITED STATES January 21, 2025 Mr. Cruz (for himself, Ms. Lummis , Mr. Hagerty , Mr. Tillis , Mr. Sheehy , Mr. Budd , Mr. Moreno , Mr. Curtis , Mr. Cotton , Mr. Lee , Mr. Banks , Mr. Daines , and Mrs. Blackburn ) introduced the following joint resolution; which was read twice and referred to the Committee on Finance February 12, 2025 Committee discharged, by petition, pursuant to 5 U.S.C. 802(c) , and placed on the calendar 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 .

That Congress disapproves the rule submitted by the Internal Revenue Service relating to 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.

February 12, 2025 Committee discharged, by petition, pursuant to 5 U.S.C. 802(c) , and placed on the calendar

tv_txt: IIA 119th CONGRESS 1st Session S. J. RES. 3 IN THE SENATE OF THE UNITED STATES January 21, 2025 Mr. Cruz (for himself, Ms. Lummis , Mr. Hagerty , Mr. Tillis , Mr. Sheehy , and Mr. Budd ) introduced the following joint resolution; which was read twice and referred to the Committee on Finance 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 .

That Congress disapproves the rule submitted by the Internal Revenue Service relating to 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.