Ted Cruz (R-TX)
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".
A Republican resolution with 14 Republican cosponsors · See all 14 cosponsors
Last activity — Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
Passed one chamber, waiting for the other to take it up
Passed one chamber, and the other has not yet sent it to a committee or put it on its calendar.
The other chamber will hand it to a committee, place it on its calendar, or leave it where it is. Nothing has been decided, and a bill can sit here indefinitely.
Its path through Congress
- Introduced
- Passed Senate 70–27
- Awaiting House
What this bill would do
This joint resolution seeks to disapprove a specific rule submitted by the Internal Revenue Service. The rule in question concerns ``Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales''. If passed, the resolution would ensure that the rule has no force or effect. This action is taken under chapter 8 of title 5, United States Code.
Yes· 3 of 6
- Scored +3
Does this give people more control over their personal data?
The resolution prevents the mandatory reporting of gross proceeds, thereby keeping more financial transaction data private.
- Scored +3
Does this make it easier to run a small business?
The disapproval prevents new reporting requirements that could increase administrative costs for digital asset businesses.
- Scored +3
Does this protect people from being watched or searched?
The resolution protects the privacy of digital asset transactions by blocking the new IRS reporting rule.
The opposite
- Scored -2
Does this raise the taxes companies pay?
By preventing the new reporting rule, the resolution reduces the administrative and compliance burdens on digital asset brokers.
- Scored -2
Does this give the federal government more power?
The resolution curtails the IRS's ability to implement new regulatory reporting requirements.
- Scored -2
Does this make what the government does easier for the public to see?
The resolution reduces the level of financial transparency regarding digital asset gross proceeds available to the government.
What Congress actually voted on
2 recorded votes have been taken on this bill. One of them decided something; the rest moved it along.
- The Senate: the vote on whether to pass the joint resolution A joint resolution is a bill by another name: it goes to the other chamber and then to the President. Most of them are used to overturn a rule an agency has made. Passed 70 yes · 27 no
03/04/2025 · Roll call 102 · recorded as “On the Joint Resolution S.J.Res. 3”
- The Senate: a vote on whether to start debating something This decides only whether the chamber takes the measure up at all. Nothing about the measure itself has been decided when it passes. Motion to Proceed Agreed to 70 yes · 28 no
03/04/2025 · Roll call 101 · recorded as “On the Motion to Proceed S.J.Res. 3”
Who it would affect, and how
Potential Positive Impacts for People
- Nullification of IRS Reporting Rule: By disapproving the rule, the resolution prevents it from having any force or effect, which impacts how brokers report gross proceeds for digital asset sales.
Potential Negative Impacts for People
- No negative impacts are explicitly stated: The provided text does not list any specific negative consequences or burdens resulting from the disapproval of the rule.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would billionaires be better off under this? — The resolution reduces the regulatory oversight and reporting requirements on large-scale digital asset transactions. Would high-income households be better off under this? — The resolution benefits high-income individuals who likely hold larger volumes of digital assets by preventing new reporting obligations. Would people with substantial wealth be better off under this? — The resolution benefits wealthy individuals by limiting the amount of data reported to tax authorities regarding their digital asset sales.
- Education And Technology
- Does this give people more control over their personal data? — The resolution prevents the mandatory reporting of gross proceeds, thereby keeping more financial transaction data private.
- Economy And Finance
- Does this make it easier to run a small business? — The disapproval prevents new reporting requirements that could increase administrative costs for digital asset businesses. Does this raise the taxes companies pay? — By preventing the new reporting rule, the resolution reduces the administrative and compliance burdens on digital asset brokers.
- Governance And Ideology
- Does this protect people from being watched or searched? — The resolution protects the privacy of digital asset transactions by blocking the new IRS reporting rule. Does this make what the government does easier for the public to see? — The resolution reduces the level of financial transparency regarding digital asset gross proceeds available to the government. Does this give the federal government more power? — The resolution curtails the IRS's ability to implement new regulatory reporting requirements.
- 3/12/2025
- Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
- 3/11/2025
- Papers returned to Senate pursuant to H. Res. 212
- 3/10/2025
- Held at the Desk
- Received in the House
- 3/6/2025
- Message on Senate action sent to the House.
- 3/4/2025
- Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 101. (CR S1470-1471)
- Measure laid before Senate by motion. (consideration: CR S1471, S1477, S1485-1488)
- Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 70 - 27. Record Vote Number: 102.
- Passed Senate without amendment by Yea-Nay Vote. 70 - 27. Record Vote Number: 102. (text: CR S1488)
- 1 Cosponsor added.
- 2/20/2025
- 1 Cosponsor added.
- 2/12/2025
- Senate Committee on Finance discharged, by petition, pursuant to 5 U.S.C. 802(c).
- Placed on Senate Legislative Calendar under General Orders. Calendar No. 11.
- 2/10/2025
- 1 Cosponsor added.
- 2/4/2025
- 1 Cosponsor added.
- 2/3/2025
- 1 Cosponsor added.
- 1/28/2025
- 3 Cosponsors added.
- 1/24/2025
- 1 Cosponsor added.
- 1/21/2025
- Read twice and referred to the Committee on Finance.
- 5 Cosponsors added.
- Introduced in Senate
2 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
- 119-HJRES-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".
- 119-HRES-212: Returning Senate Joint Resolution 3 to the Senate.
Marsha BlackburnRepublican · Tennessee
Jim BanksRepublican · Indiana
Ted BuddRepublican · North Carolina
Tom CottonRepublican · Arkansas
John CurtisRepublican · Utah
Steve DainesRepublican · Montana
Bill HagertyRepublican · Tennessee
Cynthia LummisRepublican · Wyoming
Mike LeeRepublican · Utah
Bernie MorenoRepublican · Ohio
David McCormickRepublican · Pennsylvania
Tim ScottRepublican · South Carolina
Tim SheehyRepublican · Montana
Thomas TillisRepublican · North Carolina