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HRES211

Is The Bill "Providing for consideration of the joint resolution (H.J. Res. 25) 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"; providing for consideration of the bill (H.R. 1156) to amend the CARES Act to extend the statute of limitations for fraud under certain unemployment programs, and for other purposes; providing for consideration of the bill (H.R. 1968) making further continuing appropriations and other extensions for the fiscal year ending September 30, 2025, and for other purposes; and for other purposes." Crypto Friendly?

Description:

This House Resolution outlines the terms for considering several legislative items, including H.J. Res. 25. H.J. Res. 25 seeks congressional disapproval of an Internal Revenue Service (IRS) rule that would require brokers to report gross proceeds from digital asset sales. This resolution, by providing for the consideration of H.J. Res. 25, facilitates a vote on potentially blocking these new tax reporting requirements for the crypto industry.

Date Introduced:

2025-03-11

Status:

Introduced and Sponsored

Stance on Crypto:

Somewhat Pro-Crypto

Links:

  • https://www.congress.gov/119/bills/hres211/BILLS-119hres211rh.pdf
  • https://www.congress.gov/bill/119th-congress/house-resolution/211
  • https://www.govtrack.us/congress/bills/119/hres211

Primary Commentary:
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The central crypto-related provision of this bill is its facilitation of a vote on H.J. Res. 25, which seeks to nullify an IRS rule mandating new tax reporting for digital asset brokers. The IRS rule, if enacted, would impose additional compliance burdens on crypto-related businesses and potentially impact individual users by requiring more extensive reporting of digital asset sales. Preventing the implementation of such a rule is generally viewed positively by the crypto industry, as it reduces potential regulatory friction, compliance costs, and administrative complexity for entities operating in the digital asset space. While this bill does not actively promote new crypto adoption or protect self-custody directly, it acts to prevent a new, potentially burdensome, and surveillance-oriented regulatory requirement. This action aligns with a pro-crypto stance by reducing regulatory overhead for brokers and users.

Congress members who support this bill

Sponsors

Profile picture of Michelle Fischbach
Michelle Fischbach

Additional Commentary

No additional commentary for this bill yet