The Constituency

S.J.Res. 3 · Taxation

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".

Introduced Jan 21, 2025 · Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.

What does this mean?

Late in 2024, the IRS (the federal agency that collects taxes) issued a rule requiring platforms that help people buy and sell cryptocurrency through decentralized finance, or "DeFi" — systems that let people trade digital currencies directly with each other online without a bank or traditional broker in the middle — to report those sales to the IRS, similar to how stockbrokers report trades. This resolution would cancel that rule entirely, meaning those DeFi platforms would no longer be required to send that sales information to the IRS. If passed, it would also block the IRS from issuing a substantially similar rule in the future without new authorization from Congress.

Read the official CRS summary on Congress.gov →

Bill Lifecycle

Real action history from Congress.gov — where this bill is in the process, and every recorded step along the way.

Introduced in Senate

Jan 21, 2025

Referred to Committee

Jan 21, 2025

Passed Senate

Mar 4, 2025

Received in House

Mar 10, 2025

Full action history (13)

Jan 21, 2025Read twice and referred to the Committee on Finance.

Jan 21, 2025Introduced in Senate

Feb 12, 2025Placed on Senate Legislative Calendar under General Orders. Calendar No. 11.

Feb 12, 2025Senate Committee on Finance discharged, by petition, pursuant to 5 U.S.C. 802(c).

Mar 4, 2025Passed Senate without amendment by Yea-Nay Vote. 70 - 27. Record Vote Number: 102. (text: CR S1488)

Mar 4, 2025Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 27. Record Vote Number: 102.