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 bill uses the Congressional Review Act (CR A) to disapprove the Internal Revenue Service (IRS) rule titled “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales.” If enacted, the joint resolution would void the IRS rule (89 Fed. Reg. 106928, December 30, 2024) and prevent it from having any force or effect. As introduced, the measure has not become law and would require passage by both chambers of Congress and the President’s signature (or an override of a presidential veto) to take effect. In practical terms, the bill represents Congress’ attempt to halt the IRS’s proposed requirement that certain digital asset brokers report gross proceeds from sales to the IRS, affecting how digital asset transactions would be taxed and monitored.
Key Points
- 1Mechanism: The bill is a joint resolution disapproving a specific IRS rule under the Congressional Review Act (5 U.S.C. chapter 8).
- 2Rule addressed: It targets the IRS rule on “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales,” published in the Federal Register on December 30, 2024 (89 Fed. Reg. 106928).
- 3Effect of passage: If enacted, the rule would have no force or effect, effectively blocking its implementation.
- 4Scope: The disapproval applies only to the cited IRS rule about gross proceeds reporting by digital asset brokers; it does not repeal broader tax laws or other IRS rules not specifically disapproved.
- 5Process and status: The measure is currently introduced and not yet enacted; for it to become law, both Houses must pass it and the President must sign it (or Congress must override a veto).