S.J.Res. 3: 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".

119th Congress · introduced 2025-01-21 · Taxation · Latest: Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.

federal

What does this mean?

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".

Plain summary

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.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

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".

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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Officials and money

Sponsor: Sen. Cruz, Ted [R-TX] · 14 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Cynthia M. Lummis (R-WY), Bill Hagerty (R-TN), Thom Tillis (R-NC), Tim Sheehy (R-MT), Ted Budd (R-NC), Bernie Moreno (R-OH), John R. Curtis (R-UT), Tom Cotton (R-AR), Mike Lee (R-UT), Jim Banks (R-IN), Steve Daines (R-MT), Marsha Blackburn (R-TN), Tim Scott (R-SC), David McCormick (R-PA)

Sponsor's campaign money: Sen. Cruz, Ted [R-TX] reported raising $12.4 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

Senate vote 101 (2025): On the Motion to Proceed, SJRES3 (2025-03-04): Motion to Proceed Agreed to
Senate vote 102 (2025): On the Joint Resolution, SJRES3 (2025-03-04): Joint Resolution Passed

Words on this page, explained (2)

Joint resolution: In Texas, the type of measure the Legislature uses to propose a constitutional amendment (marked HJR or SJR). The governor does not sign or veto it; the voters decide. In Congress a joint resolution can also be used like a bill. In Florida, a joint resolution passed by three-fifths of the members of each chamber puts a constitutional amendment on the ballot.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119sjres3.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/sjres>

Record fed-us-cong119-sjres3 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills