S.J. Res 3

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.