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".
Question at stake
We do not publish a plain-language question for this bill yet. The full text and the official summary are below.
Source: Congress.gov
Plain-language summary
This joint resolution nullifies requirements for persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the Internal Revenue Service (IRS). Specifically, the joint resolution nullifies the requirements included in the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the IRS on December 30, 2024. Decentralized finance refers to the suite of financial activities and services that are facilitated by cryptocurrency and intended to be conducted without any sort of reliance on traditional financial tools or intermediaries.
Source: Congress.gov
Why it matters
This bill is too thin to summarize responsibly yet. The full text and the official summary are below.
Source: Congress.gov
In committee
The record does not place this bill in a committee yet. Committee unknown is itself a state, not a fabricated value.
Source: Congress.gov
Votes
- On the Joint ResolutionJoint Resolution Passed . 70 to 28
- On the Motion to ProceedMotion to Proceed Agreed to . 70 to 28
- On PassagePassed . 292 to 132
Source: Roll-call records, Congress.gov
Sponsors
Source: Congress.gov