WHAT THE LAW DOINCongress, in plain words

S.J.Res. 3 · 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".

Passed SenateTaxation
IntroducedJan 21, 2025
Passed SenateMar 4, 2025
Passed HouseNot yet
To PresidentNot yet
Became lawNot yet

Where it stands

Passed Senate. Latest step, Mar 12, 2025: Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212. The Senate passed it 70–27.

What it does

Sourced

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.

Official summary by the Congressional Research Service (Introduced in Senate, Jan 21, 2025).

Our plain-language breakdown, with what it means for you and the case for and against, is written once a bill starts to move.

What has happened

Sourced
  1. Mar 4, 2025Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 27. Record Vote Number: 102. Roll call recordLibrary of Congress
  2. Jan 21, 2025Introduced in SenateLibrary of Congress

Show all 14 recorded actions

Recorded votes

Sourced
  1. Mar 4, 2025 · SenateJoint Resolution Passed 70–27
    On the Joint Resolution · needed a majority
    R 51 yes, 0 noI 1 yes, 1 noD 18 yes, 26 noEach member · Record
1 other recorded vote (procedure and amendments)
  1. Mar 4, 2025 · SenateMotion to Proceed Agreed to 70–28
    On the Motion to Proceed · needed a majority
    R 52 yes, 0 noI 1 yes, 1 noD 17 yes, 27 noEach member · Record

Cosponsors

  • Jim Banks R-IN
  • Marsha Blackburn R-TN
  • Ted Budd R-NC
  • Tom Cotton R-AR
  • John R. Curtis R-UT
  • Steve Daines R-MT
  • Bill Hagerty R-TN
  • Mike Lee R-UT
  • Cynthia M. Lummis R-WY
  • David McCormick R-PA
  • Bernie Moreno R-OH
  • Tim Scott R-SC
Show 2 more cosponsors
  • Tim Sheehy R-MT
  • Thom Tillis R-NC