Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
This resolution uses the Congressional Review Act to overturn a recent federal rule. It declares that the IRS regulation on gross proceeds reporting for brokers handling digital asset sales has no force or effect. If Congress approves the disapproval and it becomes law, the rule is nullified and the agency cannot issue a substantially similar rule without new legislation. The CRA also provides an expedited process in Congress to consider such disapproval measures.
The IRS rule titled "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales" (89 Fed. Reg. 106928, Dec. 30, 2024).
Internal Revenue Service (IRS)
Under the Congressional Review Act, disapproval resolutions are treated with an expedited process in the Senate, are not subject to a filibuster, and require only a simple majority to pass; they must be introduced within a limited time after the rule was submitted.
This joint resolution uses the Congressional Review Act to disapprove and nullify an IRS rule titled "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales" (89 Fed.
Reg. 106928, Dec. 30, 2024).
The resolution declares the rule has no force or effect and was passed by the Senate on March 4, 2025.
Narrow, low-cost repeal increases passage odds, but ultimate outcome hinges on executive approval or a difficult veto-override; political dynamics outside text matter strongly.
Relative to its intended legislative type, this bill is a succinct Congressional Review Act disapproval that clearly and narrowly accomplishes a single substantive legal change (nullifying a specified IRS rule). It lacks explanatory findings, fiscal analysis, and handling of secondary consequences, but those omissions are common for this form of resolution.
Left emphasizes tax enforcement and closing crypto tax gap.
These are examples from the analysis, not a ranked list of the most-affected groups.
Left emphasizes tax enforcement and closing crypto tax gap.
Likely opposes the resolution because it weakens IRS reporting for digital-asset transactions and could reduce tax enforcement.
Views the rule as a tool to close tax gaps in crypto markets and improve compliance.
Mixed view: concerned about both compliance costs and the IRS's need to enforce tax laws.
Prefers amendment or narrower approaches rather than outright nullification.
Likely strongly supports the resolution as a check on IRS expansion, reducing regulatory burden on crypto intermediaries and protecting innovation and privacy.
Sees the rule as excessive and interventionist.
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Still ahead
Narrow, low-cost repeal increases passage odds, but ultimate outcome hinges on executive approval or a difficult veto-override; political dynamics outside text matter strongly.
The Senate formally adopted this resolution.
A resolution is a formal statement or decision by the chamber. Simple resolutions apply only to one chamber; joint resolutions require both chambers.
The Senate agreed to bring this bill to the floor. Debate and amendment votes can now begin.
Left emphasizes tax enforcement and closing crypto tax gap.
Narrow, low-cost repeal increases passage odds, but ultimate outcome hinges on executive approval or a difficult veto-override; political d…
Relative to its intended legislative type, this bill is a succinct Congressional Review Act disapproval that clearly and narrowly accomplishes a single substantive legal change (nullifying a specified IRS rule). It lack…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.