What is the current status of SJRES 3?

SJRES 3 is currently: Passed Senate.

How did the Senate vote on SJRES 3?

In the Senate, the recorded vote was 69 yea to 27 nay (Passed).

Who sponsored SJRES 3?

SJRES 3 was sponsored by Ted Cruz (R), Sen.

Ends Reporting Requirements for Digital Asset Brokers

IntroducedJanuary 21, 2025

Passed Senate1 year ago

Intro

Motion

Senate

House

Pres

Waiting on the House.

TaxationAdministrative law and regulatory proceduresCongressional oversightCurrencyDigital mediaFinancial services and investmentsInternal Revenue Service (IRS)Tax administration and collection, taxpayers

Why This Matters

This resolution nullifies a rule that required brokers to report sales of digital assets, allowing them to operate without these reporting obligations.

If you trade digital assets, this resolution means brokers no longer have to report your transaction details to the government.

Who this affects

brokers · customers

What does this resolution do?

1This resolution removes the requirement for brokers to report gross proceeds from digital asset sales.
2Without this rule, brokers can operate without filing detailed reports on customer transactions.
3This change may lead to less transparency in the digital asset market.
4The resolution affects individuals and companies involved in buying and selling digital assets.
5Brokers will no longer need to provide payee statements for digital asset exchanges.

Read the detailed 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 (De Fi) transactions to report certain information regarding digital asset sales to the IRS.

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