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  2. Crypto bills in Congress
  3. HJRES198
HJRES198118th Congress·Introduced 2024-08-02

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?

Based on 1 published commentary, this bill is somewhat pro-crypto.

Somewhat Pro-Crypto
About this bill

This joint resolution seeks to disapprove a rule from the Department of the Treasury regarding "Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions." If enacted, the bill would nullify the Treasury's rule, preventing the implementation of new reporting requirements for digital asset brokers concerning transaction proceeds and cost basis. The bill aims to block a specific regulatory action by the Treasury related to crypto tax reporting.

Introduced
2024-08-02
Status
Introduced and Sponsored
Legislature
118th Congress
Stance on Crypto
Somewhat Pro-Crypto
From 1 published commentary

Scores reflect how a bill would affect crypto if enacted, from very anti-crypto to very pro-crypto, based on the commentary below.

Support in Congress
  • Sponsors1 Republican1
Read the bill
Read on Congress.govView on GovTrackBill text (PDF)

Commentary

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Profile picture of DoTheySupportIt
DoTheySupportIt
Primary
marked this bill asSomewhat Pro-Crypto

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.

Where Congress stands

Every member who has sponsored, cosponsored or voted on this bill. Pick a vote to see how each member voted on it, or narrow by party, name or state.

Sponsors

1

1 Republican

  • Profile picture of Gary Palmer
    Gary Palmer
    AL-6