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Bill > SJRes3
US SJRes3
US SJRes3A 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".
summary
Introduced
01/21/2025
01/21/2025
In Committee
01/21/2025
01/21/2025
Crossed Over
03/10/2025
03/10/2025
Passed
Dead
Introduced Session
119th Congress
Bill Summary
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".
AI Summary
This joint resolution seeks to nullify a specific Internal Revenue Service (IRS) rule regarding reporting requirements for digital asset brokers. The resolution, passed by both the Senate and House of Representatives, would completely invalidate the rule published in the Federal Register on December 30, 2024, which pertains to how brokers who regularly facilitate digital asset sales must report their gross proceeds. By using the congressional disapproval process under Chapter 8 of Title 5 of the United States Code, Congress would effectively prevent the IRS rule from being implemented or having any legal standing. The resolution appears to be part of an effort to challenge the IRS's regulatory approach to digital asset transactions, potentially reflecting concerns about the scope, complexity, or potential burden of the proposed reporting requirements on cryptocurrency and digital asset brokers.
Committee Categories
Budget and Finance
Sponsors (15)
Ted Cruz (R)*,
Jim Banks (R),
Marsha Blackburn (R),
Ted Budd (R),
Tom Cotton (R),
John Curtis (R),
Steve Daines (R),
Bill Hagerty (R),
Mike Lee (R),
Cynthia Lummis (R),
David McCormick (R),
Bernie Moreno (R),
Tim Scott (R),
Tim Sheehy (R),
Thom Tillis (R),
Last Action
Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212. (on 03/12/2025)
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| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/senate-joint-resolution/3/all-info |
| BillText | https://www.congress.gov/119/bills/sjres3/BILLS-119sjres3es.pdf |
| BillText | https://www.congress.gov/119/bills/sjres3/BILLS-119sjres3pcs.pdf |
| BillText | https://www.congress.gov/119/bills/sjres3/BILLS-119sjres3is.pdf |
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