Purpose and Summary

Chamber: Senate

Introduced date: 2025-01-21

Bill 119 SJRes 3 is a joint resolution that aims to disapprove of a rule submitted by the Internal Revenue Service (IRS) regarding the reporting of 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 resolution 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 resolution argue that the rule could stifle innovation and investment in the digital asset space, while opponents believe that reporting gross proceeds is necessary for tax compliance and enforcement. The resolution is currently under consideration in Congress, where lawmakers will debate its merits before voting on whether to approve or reject the IRS rule. Overall, Bill 119 SJRes 3 is a significant piece of legislation that highlights the ongoing debate over the regulation of digital assets and the role of government oversight in this rapidly evolving industry.

Recent Activity

Read twice and referred to the Committee on Finance.

Alternative Names

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".

Associated Legislation

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".

Policy Areas

Taxation

Potential Impact

Sponsors and Supporters

Sen. Cruz, Ted [R-TX]

Cosponsors and Supporters

Sen. Lummis, Cynthia M. [R-WY]

Sen. Hagerty, Bill [R-TN]

Sen. Tillis, Thomas [R-NC]

Sen. Sheehy, Tim [R-MT]

Sen. Budd, Ted [R-NC]

Sen. Lummis, Cynthia M. [R-WY]

Sen. Hagerty, Bill [R-TN]

Sen. Tillis, Thomas [R-NC]

Sen. Sheehy, Tim [R-MT]

Sen. Budd, Ted [R-NC]

Sen. Moreno, Bernie [R-OH]

Sen. Lummis, Cynthia M. [R-WY]

Sen. Hagerty, Bill [R-TN]

Sen. Tillis, Thomas [R-NC]

Sen. Sheehy, Tim [R-MT]

Sen. Budd, Ted [R-NC]

Sen. Moreno, Bernie [R-OH]

Sen. Curtis, John R. [R-UT]

Sen. Cotton, Tom [R-AR]

Sen. Lee, Mike [R-UT]

Sen. Banks, Jim [R-IN]

Committees and Subcommittees

Finance Committee

Variations and Revisions

Pablo Baxter