S.J.Res. 3 · Senate joint resolution · 119th Congress

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".

Sponsored by Sen. Ted Cruz, Texas with 14 co-sponsors

Introduced Jan 21, 2025

Referred to the Finance Committee

Latest action Mar 12, 2025

SponsorSen. Ted Cruz, Texas· 14 cosponsorsSen. Cynthia Lummis, WyomingSen. Bill Hagerty, Tennessee

Show 12 more cosponsors

What the bill does

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.

Summary by the Congressional Research Service, Mar 6, 2025.

BillFull text · congress.gov(opens in a new tab)

Read the bill

About 42 words

Contents

Sec. .

That Congress disapproves the rule submitted by the Internal Revenue Service relating to “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales” (89 Fed. Reg. 106928 (December 30, 2024)), and such rule shall have no force or effect.

Official text, Engrossed in Senate (Mar 4, 2025), from the Government Publishing Office via Congress.gov. Printed version (PDF) · All versions on Congress.gov

What the bill does

Summary by the Congressional Research Service, Mar 6, 2025.