S.J.Res. 3 · Where this bill is now
Became law through another bill
Its text was included in H.J.Res. 25, Public Law 119-5 (per the Congressional Research Service). This bill number itself: In the House.
See H.J.Res. 25 on Congress.gov ↗
What this bill does
In plain words · AI-written from the official summaryBlocks IRS rule on digital asset reporting
This joint resolution would cancel an IRS rule that came out in December 2024. The rule requires certain people who help with decentralized finance transactions to report information about digital asset sales to the IRS.
How it affects you
If this passes, people who facilitate digital asset sales wouldn't have to report those transactions to the IRS under this particular rule. The impact would mainly apply to those involved in decentralized finance businesses or platforms.
Read the official summary (Introduced in Senate, Jan 21, 2025)
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionS.J.Res. 3
JOINT RESOLUTION
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".
Sponsor: Sen. Ted Cruz (R-TX) · Introduced Jan 21, 2025 · Taxation · 3 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Mar 12, 2025: “Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.”
How Congress voted
Official roll callsSenate · On the Motion to Proceed · Mar 4, 2025
Motion to Proceed Agreed to 70–28
| Party | Yes | No | Didn’t vote |
|---|---|---|---|
| Democrats | 17 | 27 | 1 |
| Independents | 1 | 1 | 0 |
| Republicans | 52 | 0 | 1 |
17 members voted against most of their party: 17 Democrats voted Yes.
Source: senate.gov · roll call 101
Congress votes on whole bills and amendments, not on single sections.
Sections
The wording of this bill hasn’t changed across its 3 official versions.