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".
3/13/2025, 10:56 AMSummary of Bill HJRES 25
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.
Congressional Summary of HJRES 25
This joint resolution nullifies the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales 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.
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Current Status of Bill HJRES 25
Bill HJRES 25 is currently in the status of Passed in House since March 11, 2025. Bill HJRES 25 was introduced during Congress 119 and was introduced to the House on January 21, 2025. Bill HJRES 25's most recent activity was Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27. as of March 12, 2025Bipartisan Support of Bill HJRES 25
Total Number of Sponsors
17Democrat Sponsors
0Republican Sponsors
17Unaffiliated Sponsors
0Total Number of Cosponsors
23Democrat Cosponsors
2Republican Cosponsors
21Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HJRES 25
Primary Policy Focus
TaxationAlternate Title(s) of Bill HJRES 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 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".Comments
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Sponsors and Cosponsors of HJRES 25
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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.
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