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SJRES 3

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 Introduced by Jim Banks and 14 co-sponsors

Overview: SJRES 3 is a joint resolution that provides for congressional disapproval of a rule submitted by the Internal Revenue Service (IRS) relating to "Gross Proceeds Reporting

Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
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Bill Summary · SJRES 3

Overview: SJRES 3 is a joint resolution that provides for congressional disapproval of a rule submitted by the Internal Revenue Service (IRS) relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

Purpose and Intent: The resolution aims to nullify the IRS rule, which would have required brokers to report gross proceeds from digital asset sales to the IRS. The intent is to prevent the implementation of this reporting requirement, which could have significant implications for the digital asset industry and its users.

Key Provisions:
- Disapproves the IRS rule on digital asset sales reporting under the Congressional Review Act
- Prevents the IRS from implementing or enforcing the rule

Affected Parties and Impacts:
- Brokers that regularly provide services for digital asset sales
- Individuals and entities engaged in digital asset transactions
- The digital asset industry as a whole, which could have faced increased compliance burdens and regulatory oversight

Procedural and Timeline Considerations:
- The resolution has been returned to the Senate after passing the House
- If passed by the Senate and signed by the President, the IRS rule would be nullified and prevented from taking effect

Compiled from official sources — confirm details with the bill’s official record.

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