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Blocking new digital asset transaction reporting rules

This resolution aims to stop new Treasury Department rules on reporting digital asset transactions, such as cryptocurrencies. This means that existing rules for reporting gains and costs from trading digital assets will remain in effect, potentially impacting how individuals trading these assets handle their taxes.
Key points
Halts the implementation of new, more detailed rules for reporting digital asset transactions by brokers.
Maintains current rules for reporting gains and costs from trading cryptocurrencies and other digital assets.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HJRES_198
Sponsor: Rep. Palmer, Gary J. [R-AL-6]
Process start date: 2024-08-02
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of the Treasury relating to "Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HJRES_198.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-08-02.

What are the main provisions?

Key points include:

  • Halts the implementation of new, more detailed rules for reporting digital asset transactions by brokers.
  • Maintains current rules for reporting gains and costs from trading cryptocurrencies and other digital assets.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Palmer, Gary J. [R-AL-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes Economy