Overturning the IRS Digital Asset Broker Rule

Official 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".

What this does

This resolution overturns an Internal Revenue Service rule on digital asset reporting. Using the Congressional Review Act, it disapproves the IRS rule titled 'Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales,' published at 89 Fed. Reg. 106928 on December 30, 2024. Once enacted, the rule has no force or effect. The rule had extended broker reporting requirements to certain participants in decentralized digital asset trading.

Senate vote · 70-27

Democrats18–26

Republicans51–0

Independents1–1

How we know · 3 sourced claims

The resolution disapproves the IRS rule on gross proceeds reporting by brokers effectuating digital asset sales under the Congressional Review Act.Source: Resolving clause (disapproval under chapter 8 of title 5)
The rule is identified as 89 Fed. Reg. 106928, published December 30, 2024.Source: Resolving clause
Upon enactment the rule has no force or effect.Source: Resolving clause

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R49–0D18–26I1–1

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