Purpose and Summary
Chamber: House
Introduced date: 2025-01-21
Bill 119 hjres 25 is a piece of legislation that aims to disapprove of a rule submitted by the Internal Revenue Service (IRS) regarding the reporting o...
f gross proceeds by brokers who facilitate digital asset sales. The rule in question requires brokers who regularly provide services for digital asset sales to report the gross proceeds from these transactions to the IRS. The bill falls under chapter 8 of title 5 of the United States Code, which allows Congress to review and potentially overturn regulations proposed by federal agencies. In this case, Congress is seeking to disapprove of the IRS rule on the grounds that it may impose unnecessary burdens on brokers and hinder the growth of the digital asset market. Supporters of the bill argue that the IRS rule is overly intrusive and could stifle innovation in the digital asset industry. They believe that brokers should not be required to report gross proceeds from these transactions, as it may discourage individuals from participating in the market. Opponents of the bill, however, argue that the reporting of gross proceeds is necessary for tax compliance and enforcement purposes. They believe that brokers should be held accountable for facilitating digital asset sales and should be required to report this information to the IRS. Overall, Bill 119 hjres 25 is a contentious piece of legislation that highlights the ongoing debate surrounding the regulation of digital assets and the role of federal agencies in overseeing this emerging market.
Recent Activity
Presented to President.
Alternative Names
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".
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".
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".
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".
Associated Legislation
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".
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".
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".
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".
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".
Providing for consideration of the joint resolution (H.J. Res. 25) 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"; providing for consideration of the bill (H.R. 1156) to amend the CARES Act to extend the statute of limitations for fraud under certain unemployment programs, and for other purposes; providing for consideration of the bill (H.R. 1968) making further continuing appropriations and other extensions for the fiscal year ending September 30, 2025, and for other purposes; and for other purposes.
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".
Providing for consideration of the joint resolution (H.J. Res. 25) 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"; providing for consideration of the bill (H.R. 1156) to amend the CARES Act to extend the statute of limitations for fraud under certain unemployment programs, and for other purposes; providing for consideration of the bill (H.R. 1968) making further continuing appropriations and other extensions for the fiscal year ending September 30, 2025, and for other purposes; and for other purposes.
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".
Providing for consideration of the joint resolution (H.J. Res. 25) 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"; providing for consideration of the bill (H.R. 1156) to amend the CARES Act to extend the statute of limitations for fraud under certain unemployment programs, and for other purposes; providing for consideration of the bill (H.R. 1968) making further continuing appropriations and other extensions for the fiscal year ending September 30, 2025, and for other purposes; and for other purposes.
Policy Areas
Taxation
Potential Impact
Administrative law and regulatory procedures
Currency
Digital media
Financial services and investments
Internal Revenue Service (IRS)
Tax administration and collection, taxpayers
Administrative law and regulatory procedures
Congressional oversight
Currency
Digital media
Financial services and investments
Internal Revenue Service (IRS)
Tax administration and collection, taxpayers
Sponsors and Supporters
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Rep. Carey, Mike [R-OH-15]
Cosponsors and Supporters
Rep. Emmer, Tom [R-MN-6]
Rep. Davidson, Warren [R-OH-8]
Rep. Emmer, Tom [R-MN-6]
Rep. Davidson, Warren [R-OH-8]
Rep. Crank, Jeff [R-CO-5]
Rep. Tenney, Claudia [R-NY-24]
Rep. Emmer, Tom [R-MN-6]
Rep. Davidson, Warren [R-OH-8]
Rep. Crank, Jeff [R-CO-5]
Rep. Tenney, Claudia [R-NY-24]
Rep. Thanedar, Shri [D-MI-13]
Rep. Nunn, Zachary [R-IA-3]
Rep. Kustoff, David [R-TN-8]
Rep. Timmons, William R. [R-SC-4]
Rep. Emmer, Tom [R-MN-6]
Rep. Davidson, Warren [R-OH-8]
Rep. Crank, Jeff [R-CO-5]
Rep. Tenney, Claudia [R-NY-24]
Rep. Thanedar, Shri [D-MI-13]
Rep. Nunn, Zachary [R-IA-3]
Rep. Kustoff, David [R-TN-8]
Rep. Timmons, William R. [R-SC-4]
Rep. Downing, Troy [R-MT-2]
Committees and Subcommittees
Ways and Means Committee
Ways and Means Committee
Ways and Means Committee
Variations and Revisions