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S.J.Res. 3119th CongressIn committeeLatest action Mar 12, 2025Decoded by AI · checked against the record
Official title: 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".
Introduced:
Read the official bill on Congress.govThe plain-language version leads. The official text is always the reference.
SJRES 3 would use the Congressional Review Act to kill an IRS rule requiring crypto brokers to report transaction data.
50-second read · 4 questions answered below
SJRES 3 is a congressional resolution that would cancel an IRS rule finalized in late 2024. That rule required brokers dealing in digital assets, including cryptocurrency, to report gross proceeds from customer sales to the IRS. If passed by both chambers and signed into law, the resolution would eliminate that requirement and bar the IRS from issuing a substantially similar rule without new direction from Congress.
This affects crypto exchanges, digital asset trading platforms, and everyday people who buy or sell cryptocurrency. Traditional-style brokers in the digital asset space would be directly subject to, or relieved of, the reporting requirement depending on the outcome.
If the resolution succeeds, digital asset brokers would not be required to send customer transaction data to the IRS under this regulation. If the IRS rule remains in place, the agency would have more information available to verify whether taxpayers are accurately reporting cryptocurrency gains on their returns.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a Senate committee is reviewing it. If the House changes it, it goes back to the Senate before reaching the President.
Latest action: — Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.