Bill · S.J.Res. 3· Senate(119-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".

Age: 56 years

Texas

Introduced: 1/21/2025
Last activity: 3/12/2025 — Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
Sponsored by: Ted Cruz
Cosponsors: - 14 - 0

Taxation

Introduced
Passed Senate
Awaiting House

What this bill would do

This joint resolution seeks to disapprove a specific rule submitted by the Internal Revenue Service. The rule in question concerns ``Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales''. If passed, the resolution would ensure that the rule has no force or effect. This action is taken under chapter 8 of title 5, United States Code.

Yes· 3 of 6

Does this give people more control over their personal data?+3
The resolution prevents the mandatory reporting of gross proceeds, thereby keeping more financial transaction data private.
Does this make it easier to run a small business?+3
The disapproval prevents new reporting requirements that could increase administrative costs for digital asset businesses.
Does this protect people from being watched or searched?+3
The resolution protects the privacy of digital asset transactions by blocking the new IRS reporting rule.

The opposite

Does this raise the taxes companies pay?-2
By preventing the new reporting rule, the resolution reduces the administrative and compliance burdens on digital asset brokers.
Does this give the federal government more power?-2
The resolution curtails the IRS's ability to implement new regulatory reporting requirements.
Does this make what the government does easier for the public to see?-2
The resolution reduces the level of financial transparency regarding digital asset gross proceeds available to the government.

What Congress actually voted on

2 recorded votes have been taken on this bill. One of them decided something; the rest moved it along.

The Senate: the vote on whether to pass the joint resolutionJoint Resolution Passed 70–27
A joint resolution is a bill by another name: it goes to the other chamber and then to the President. Most of them are used to overturn a rule an agency has made.
03/04/2025 · Roll call 102 · recorded as “On the Joint Resolution S.J.Res. 3”