S.J. Res 3
Jan 21, 2025
Very Pro Crypto
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".
Current Status
Papers related to the bill were returned to the Senate pursuant to H. Res. 212.Analysis
This resolution expresses Congressional disapproval of a rule submitted by the Internal Revenue Service (IRS) relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales". The rule was published in the Federal Register on December 30, 2024.
This resolution is considered pro-crypto because it seeks to overturn a rule that would have imposed more stringent reporting requirements on digital asset brokers, and would specifically make it extremely challenging for DeFi protocols to comply. It is overly broad, would place an undue burden on crypto businesses, and would stifle innovation in the crypto industry.
Votes
For
Against
Total
70
30
(D)
18
27
(R)
51
2
Sponsor
A
Ted Cruz(R) Senator
Cosponsors (12)
A
Marsha Blackburn(R) Senator
A
John Curtis(R) Senator
A
Tim Scott(R) Senator
A
Ted Budd(R) Senator
A
Tom Cotton(R) Senator
Voted For (70)
A
Eric Schmitt(R) Senator
A
Mike Rounds(R) Senator
A
John Thune(R) Senator
F
Rand Paul(R) Senator
A
Pete Ricketts(R) Senator
A
John Fetterman(D) Senator
Voted Against (30)
A
Mark Kelly(D) Senator
F
Dick Durbin(D) Senator
A
Maggie Hassan(D) Senator
F
Chris Van Hollen(D) Senator
F
Maria Cantwell(D) Senator
F
Jeff Merkley(D) Senator