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".
3/13/2025, 10:56 AMSummary of Bill SJRES 3
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.
Congressional Summary of SJRES 3
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 SJRES 3
Bill SJRES 3 is currently in the status of Passed in Senate since March 4, 2025. Bill SJRES 3 was introduced during Congress 119 and was introduced to the Senate on January 21, 2025. Bill SJRES 3's most recent activity was Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212. as of March 12, 2025Bipartisan Support of Bill SJRES 3
Total Number of Sponsors
18Democrat Sponsors
0Republican Sponsors
18Unaffiliated Sponsors
0Total Number of Cosponsors
58Democrat Cosponsors
0Republican Cosponsors
58Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill SJRES 3
Primary Policy Focus
TaxationAlternate Title(s) of Bill SJRES 3
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".Comments
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Sponsors and Cosponsors of SJRES 3
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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".
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