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".
Summary
What This Bill Does
Disapproves the Internal Revenue Service rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales, published at 89 Fed. Reg. 106928 on December 30, 2024. Under the Congressional Review Act, the resolution would make that rule have no force or effect, stopping the IRS from using this rule as the basis for digital-asset broker gross-proceeds reporting.
Who Benefits and How
Digital asset brokers, crypto exchanges, wallet and trading platforms, decentralized-finance service providers covered by the rule, and taxpayers who use those services benefit from avoiding the rule's reporting-system buildout, customer-data collection, transaction reporting, and associated compliance costs. Crypto tax software and compliance vendors may face lower near-term demand if broker reporting is not implemented.
Who Bears the Burden and How
The Internal Revenue Service, Treasury tax administrators, tax-enforcement staff, and policymakers seeking third-party digital-asset reporting lose a finalized reporting tool for matching digital-asset sale proceeds against taxpayer returns. Federal taxpayers and compliant investors may bear an indirect risk if the absence of broker reports makes underreporting harder to detect.
Key Provisions
- Blocks the IRS digital-asset broker gross-proceeds reporting rule issued at 89 Fed. Reg. 106928.
- Uses the Congressional Review Act formula that the disapproved rule shall have no force or effect.
- Relieves covered digital-asset brokers and crypto platforms from implementing that specific gross-proceeds reporting regime.
- Removes one tax-enforcement data source that IRS and Treasury could have used for digital-asset transaction compliance.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
Uses the Congressional Review Act to nullify the IRS digital-asset broker gross-proceeds reporting rule issued at 89 Fed. Reg. 106928, so that rule has no force or effect.
Key Policy Areas
Tax, Digital Assets, Financial Regulation
Primary Purpose
Uses the Congressional Review Act to nullify the IRS digital-asset broker gross-proceeds reporting rule issued at 89 Fed. Reg. 106928, so that rule has no force or effect.
Policy Domains
Substantive provisions
Identified Gains
Contextual inference, no direct clause citation- Digital asset brokers
- Crypto exchanges
- Wallet and trading platforms
- Taxpayers using digital-asset services
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Internal Revenue Service
- Department of the Treasury
- Tax-enforcement staff
- Crypto tax compliance vendors
- Compliant digital-asset investors
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
Passed SenateMessage received in Senate: Returned to the Senate pursuant to …
Papers returned to Senate pursuant to H. Res. 212
Held at the Desk
Received in the House
Message on Senate action sent to the House.
Passed Senate without amendment by Yea-Nay Vote. 70 - 27. …
Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay …
Measure laid before Senate by motion. (consideration: CR S1471, S1477, …
Motion to proceed to consideration of measure agreed to in …
Placed on Senate Legislative Calendar under General Orders. Calendar No. …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Department of the Treasury, Internal Revenue Service
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "irs"
- → Internal Revenue Service
- "treasury"
- → Department of the Treasury
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology