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Senate resolution moves to cancel IRS crypto reporting rule

In committeeS.J.Res. 3Latest action

Sponsor: Ted Cruz · Senator · TX

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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".

119th Congress

Topics: Jobs & the economy

Introduced:

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In plain words

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SJRES 3 would use the to kill an IRS rule requiring crypto brokers to report transaction data.

50-second read · 4 questions answered below

What does this do?

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 , the resolution would eliminate that requirement and bar the IRS from issuing a substantially similar rule without new direction from Congress.

Who does it affect?

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.

Why does it matter?

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.

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  1. IntroducedJan 21, 2025
  2. Senate committeeYou are here · Mar 12, 2025
  3. Senate vote
  4. House
  5. The president's desk

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.

Data as of October 9, 2026

Recorded votes

Roll-call votes recorded since January 3, 2025.

  1. Senate · · Roll call 102

    As recorded

    Question
    On the S.J.Res. 3
    Result:
    Joint Resolution Passed
    70
    Nay
    27
    0
    3

    Republicans 51 yes, 2 not voting · Democrats 18 yes, 26 no, 1 not voting · Independents 1 yes, 1 no

    Official record
    How members voted

    The official record lists how each member voted.Official record

  2. Senate · · Roll call 101

    As recorded

    Question
    On the S.J.Res. 3
    Result:
    Motion to Proceed Agreed to
    70
    Nay
    28
    0
    2

    Republicans 52 yes, 1 not voting · Democrats 17 yes, 27 no, 1 not voting · Independents 1 yes, 1 no

    Official record
    How members voted

    The official record lists how each member voted.Official record

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