H.J.Res.25 — 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".
House Roll Call
H.J.Res.25
| Bill | H.J.Res.25 — 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". |
|---|---|
| Vote question | On Passage |
| Vote type | Yea-and-Nay |
| Result | Passed |
| Totals | Yea 292 / Nay 132 / Present 1 / Not Voting 7 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 216 | 0 | 0 | 2 |
| D | 76 | 132 | 1 | 5 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Passage
Bill Analysis
HJRES 25, also known as Public Law No: 119-5, addresses congressional disapproval of a specific rule proposed by the Internal Revenue Service (IRS) concerning the reporting of gross proceeds from digital asset transactions by brokers. This joint resolution was introduced to exercise authority under Chapter 8 of Title 5 of the United States Code, which governs the congressional review of agency rules.
The rule in question aimed to require brokers who facilitate the sale of digital assets, such as cryptocurrencies, to report gross proceeds to the IRS. This reporting requirement was intended to enhance tax compliance and transparency in the rapidly evolving digital asset market. By mandating that brokers report these transactions, the IRS sought to ensure that individuals and entities engaged in digital asset sales accurately report their income for tax purposes.
The passage of HJRES 25 effectively nullifies the IRS’s proposed reporting requirement, preventing the agency from implementing the rule. This action reflects concerns among some lawmakers and stakeholders regarding the potential regulatory burden on brokers and the broader implications for the digital asset industry.
The primary beneficiaries of this resolution include brokers and digital asset service providers who would have faced additional compliance obligations under the proposed rule. By disapproving the rule, Congress aims to alleviate regulatory pressures that could hinder innovation and growth within the digital asset sector.
The resolution was signed into law on April 6, 2023, marking a swift legislative response to the IRS’s proposal. This timeline underscores the urgency with which Congress approached the issue, reflecting ongoing debates about the regulation of digital assets and the balance between oversight and fostering economic development in this emerging market.
Yea (292)
K
Ken Calvert
S
Scott Franklin
M
Mark Green
J
John Mannion
L
Lucy McBath
L
Lisa McClain
J
John Rutherford
D
David Schweikert
P
Pete Sessions
E
Eric Swalwell
Nay (132)
G
Gerald Connolly
J
Jason Crow
L
Lloyd Doggett
J
John Garamendi
R
Rashida Tlaib
N
Nydia Velázquez
D
Debbie Wasserman Schultz
