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No New Digital Asset Sales Reporting Rules for Brokers.

The U.S. Senate rejected the Internal Revenue Service's (IRS) proposed new rules for reporting digital asset sales, such as cryptocurrencies. This means that the planned changes in how brokers were to report digital transactions will not take effect. For citizens, this implies no additional reporting obligations related to digital asset trading that could have impacted their tax filings.
Key points
No new reporting requirements for digital asset brokers, including cryptocurrencies.
Citizens will not face additional, previously planned, rules for reporting digital transactions to the IRS.
The Senate's decision means that existing rules for reporting digital asset gains remain unchanged.
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VOTING RESULTS
2025-03-04
72%
For 70
Against 27
Abstain 0
Full voting results open_in_new
Failed
Citizen Poll
No votes cast
Additional Information
Print number: 119_SJRES_3
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2025-01-21
Voting date: 2025-03-04
Meeting no: 1
Voting no: 102
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL 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".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_SJRES_3.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-01-21.

What are the main provisions?

Key points include:

  • No new reporting requirements for digital asset brokers, including cryptocurrencies.
  • Citizens will not face additional, previously planned, rules for reporting digital transactions to the IRS.
  • The Senate's decision means that existing rules for reporting digital asset gains remain unchanged.
What is the specific legal status?

The current status is Failed.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Sen. Cruz, Ted [R-TX].

What is the latest detailed status?

The latest detailed status is: Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Taxes Economy