Is The Bill "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"." Crypto Friendly?

The Department of the Treasury's rule, which this bill proposes to disapprove, would establish new reporting requirements for digital asset brokers. These requirements, while framed as standard compliance measures, could introduce significant burdens for crypto brokers and potentially lead to increased data collection on users. By seeking to block this rule, the joint resolution aims to prevent the imposition of additional regulatory oversight and compliance costs on the crypto industry. This action is generally favorable for crypto as it reduces potential regulatory friction and maintains a less burdensome environment for digital asset transactions. Preventing a new layer of reporting requirements can be seen as an effort to protect industry participants from increased compliance complexities and data obligations, aligning with a stance that supports reduced regulatory burdens on crypto.