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".

Senate Joint Resolution

S.J.Res. 3

119th Congress

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".

Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.

Introduced:Jan 28, 2025

Primary Sponsor

Cindy Hyde-Smith

Senator

Republican

MS

Cosponsors

14

Quick Stats

Policy Area

Taxation

Summary

This resolution nullifies the IRS rule requiring decentralized finance platforms to report digital asset sales to the government. It blocks tax reporting requirements for cryptocurrency transactions processed through DeFi protocols.

Latest Action

Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.

SponsorCindy Hyde-Smith (R-MS)

Introduced1/28/2025

StatusMessage received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.

ChamberSenate

Data from Congress.gov

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Vote Prediction

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 resolution nullifies the IRS rule requiring decentralized finance platforms to report digital asset sales to the government. It blocks tax reporting requirements for cryptocurrency transactions processed through DeFi protocols.

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This resolution nullifies the IRS rule requiring decentralized finance platforms to report digital asset sales to the government. It blocks tax reporting requirements for cryptocurrency transactions processed through DeFi protocols.

Bill Number: 3
Sponsor: Cindy Hyde-Smith (R-MS)
Introduced: 1/28/2025
Status: Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
Policy Area: Taxation

Data from Congress.gov

AI-generated summary

Fact Sheet

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".
Bill Number: 3
Sponsor: Cindy Hyde-Smith (R-MS)
Status: Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
Introduced: 1/28/2025
Summary: This resolution nullifies the IRS rule requiring decentralized finance platforms to report digital asset sales to the government. It blocks tax reporting requirements for cryptocurrency transactions processed through DeFi protocols.

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This resolution nullifies the IRS rule requiring decentralized finance platforms to report digital asset sales to the government. It blocks tax reporting requirements for cryptocurrency transactions processed through DeFi protocols.

Last updated: 1/5/2026

Official Summary

Congressional Research Service summary

This joint resolution nullifies the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the Internal Revenue Service (IRS) on December 30, 2024. The rule generally requires persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the IRS.

Key Points

Main provisions of the bill

Nullifies IRS DeFi reporting requirements
Blocks crypto transaction reporting rules
Uses Congressional Review Act to overturn rule
Applies to decentralized finance platforms
Issued December 30, 2024 by IRS

How This Impacts Americans

Potential effects on citizens and communities

Cryptocurrency users and DeFi platforms would not face new tax reporting requirements that critics said were technically impossible to implement. The rule would have required DeFi protocols to report transactions like traditional brokers.

Policy Areas

Primary Policy Area

Taxation

Related Subjects

Administrative law and regulatory procedures

Congressional oversight

Currency

Digital media

Financial services and investments

Internal Revenue Service (IRS)

Tax administration and collection, taxpayers

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

3, 119th Congress (2025). "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".". Source: Voter's Right Platform. https://votersright.org/bills/118-sjres-3