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 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 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.