Other
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".
This measure blocks a federal rule that required certain cryptocurrency platforms and software services to collect user identities and report digital asset sales to the Internal Revenue Service. As a result, these services will not have to build identity-tracking systems or issue annual tax forms detailing user transactions. Individual crypto traders are still legally required to pay taxes on their investment gains, but the IRS will not receive these automated third-party reports to cross-check tax returns.
People affected—not determinable from the text provided
Fiscal magnitude—not determinable from the text provided
Reach52provisional · pending reviewrigor: heuristic llm
What this bill touches.
Crypto & digital assets−45Regulation (cross-sector)−30
Who it helps · who it burdens.
Who it helps
- digital asset and cryptocurrency brokersRelieves brokers and service providers that facilitate digital asset transactions from the regulatory obligation to report gross proceeds to the federal government.
Who opposes it
- Internal Revenue ServiceNullifies the agency's final rule requiring gross proceeds reporting on digital asset sales, removing its legal force and effect.
The provisions, in plain language.
Nullifies the Internal Revenue Service rule requiring certain brokers and service providers that facilitate digital asset and cryptocurrency sales to report gross proceeds to the federal government.