Here is an article about the Congressional Review Act resolution concerning the IRS’s digital asset reporting rule, presented in a polite and informative tone:
Congress Considers Disapproval of IRS Digital Asset Reporting Rule
Washington D.C. – On May 15, 2025, at 7:38 PM Eastern Time, the U.S. Government Publishing Office (GPO) published House Joint Resolution 25 (ENR), a measure that proposes to disapprove, under the Congressional Review Act (CRA), a rule submitted by the Internal Revenue Service (IRS) concerning gross proceeds reporting by brokers for digital asset sales. This development signals a significant moment in the ongoing discussion surrounding the taxation and reporting of digital assets within the United States.
House Joint Resolution 25, formally titled “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,” aims to utilize the CRA to overturn the recently finalized IRS regulation. The CRA allows Congress to review new federal agency rules and, by a joint resolution of disapproval, overturn them if they meet certain criteria.
The rule in question pertains to how brokers who facilitate the sale of digital assets are required to report gross proceeds to the IRS. The intent of such reporting is to enhance tax compliance and ensure that transactions involving cryptocurrencies and other digital assets are appropriately accounted for by taxpayers. However, the specifics of the IRS’s proposed reporting requirements have garnered considerable attention and, it appears, significant concern from various stakeholders, leading to this Congressional action.
While the full text of the rule is not directly provided in the GPO notification, the title indicates that the disapproval centers on the “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales.” This suggests that the resolution may be addressing aspects such as the definition of what constitutes a broker in the digital asset space, the scope of transactions that trigger reporting obligations, or the methodology for calculating and reporting the gross proceeds from these transactions.
The Congressional Review Act provides a specific pathway for Congress to express its will regarding agency rulemaking. If H.J. Res. 25 successfully navigates both the House of Representatives and the Senate, and is subsequently signed by the President, the IRS rule would be invalidated. It is important to note that under the CRA, once a rule is disapproved, the agency is generally prohibited from issuing a substantially similar rule in the future, unless Congress specifically authorizes it.
The introduction of this joint resolution reflects the dynamic and evolving nature of digital asset regulation. As these technologies continue to develop and integrate into the financial landscape, policymakers are tasked with establishing clear and effective frameworks for taxation and oversight. This action by the House of Representatives underscores the ongoing dialogue and the careful consideration being given to the practical implications of IRS regulations on emerging markets.
Further legislative action on H.J. Res. 25 will be closely watched as it moves through the congressional process. The outcome of this resolution will have implications for how digital asset transactions are reported and, consequently, for the compliance obligations of both brokers and individuals engaged in these markets.
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www.govinfo.gov published ‘H.J. Res. 25 (ENR) – 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.’ at 2025-05-15 19:38. Please write a detailed article about this news in a polite tone with relevant information. Please reply in English with the article only.