Bills · 119th Congress · Taxation

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".

Where it stands

  1. Introduced1/21/25
  2. Passed SenatePassed 3/4/25
  3. House
  4. President
  5. Law

Passed the Senate 70–27 on March 4, 2025 (Roll Call 102 →). Received in the House on March 10, 2025.

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Roll calls on this bill

Votes on passage
SenateOn the Joint Resolution · 3/4/25Joint resolutionA vote to pass a joint resolution. Like a bill, it becomes law once both chambers pass it and the president signs it — except a proposed constitutional amendment, which needs two-thirds of each chamber and ratification by three-quarters of the states.Senate glossary: joint resolution ↗
Joint Resolution Passed
  • Democratic18 Yea · 26 Nay · 1 Not voting
  • Republican51 Yea · 0 Nay · 2 Not voting
  • Independent / Other1 Yea · 1 Nay · 0 Not voting
Official summary (CRS)

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.

Full text on congress.gov ↗
Sponsor
Sen. Ted Cruz ( Republican · TX)
Cosponsors
14
Introduced
1/21/25
Policy area
Taxation

What happens next

The House must pass the same text, then it goes to the President.

If it isn't enacted by Jan 3, 2027, it expires when the 119th Congress ends.

All actions (13)
  1. 1/21/25Introduced in Senate
  2. 1/21/25Read twice and referred to the Committee on Finance.
  3. 2/12/25Senate Committee on Finance discharged, by petition, pursuant to 5 U.S.C. 802(c).
  4. 2/12/25Placed on Senate Legislative Calendar under General Orders. Calendar No. 11.
  5. 3/4/25Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 101. (CR S1470-1471)
  6. 3/4/25Measure laid before Senate by motion. (consideration: CR S1471, S1477, S1485-1488)
  7. 3/4/25Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 27. Record Vote Number: 102.
  8. 3/4/25Passed Senate without amendment by Yea-Nay Vote. 70 - 27. Record Vote Number: 102. (text: CR S1488)
  9. 3/6/25Message on Senate action sent to the House.
  10. 3/10/25Received in the House
  11. 3/10/25Held at the Desk
  12. 3/11/25Papers returned to Senate pursuant to H. Res. 212
  13. 3/12/25Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.