Latest action: Became Public Law No: 119-5.
Signed into law by the President (or passed over a veto). Now public law.
The President signed the bill into law (or Congress overrode a veto). It's now public law and federal agencies will implement it.
Congress rejected an IRS rule requiring brokers to report digital asset sales.
The problem
The IRS created a rule requiring brokers to report digital asset transactions. Critics argued it was premature, lacked clarity, and would burden businesses.
The proposal
This resolution uses the Congressional Review Act to disapprove the IRS rule about broker reporting of digital asset sales, blocking its enforcement.
The impact
Cryptocurrency traders and brokers avoid new reporting requirements. The IRS loses a tool to track digital asset transactions for tax purposes.
Brokers and crypto exchanges avoid costly compliance with complex reporting requirements. Smaller businesses save money on new systems and staff.
The rule was controversial and unclear. Congress blocked it before causing confusion in the cryptocurrency industry.
Individuals' digital asset transactions remain less tracked. Some see this as protecting financial privacy from government oversight.
Without broker reporting, the IRS cannot easily track digital asset gains. This may reduce tax collections from cryptocurrency transactions.
People can hide cryptocurrency profits more easily without broker reporting requirements. The government loses visibility into taxable income.
Stock and real estate brokers must report transactions. Cryptocurrency brokers now face weaker rules, creating unequal tax enforcement.
Generated by AI from the bill text. Not a prediction and not legal or policy advice. The percentage is the model's own rating of each item — self-reported, and not a measure of how accurate it is.
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Individual contributions, grouped by employer · FEC
Where their individual donors work · 2026 cycle
Money from people who work there, not from the company. Not tied to this bill.
Itemized individual contributions via FEC, grouped by the employer each contributor self-reported. Companies and unions cannot contribute to federal candidates from their treasuries, so these totals are money from people who work at an employer — never from the organization itself. They are campaign contributions covering a full election cycle and are not connected to this bill.
Senate LDA lobbying disclosures
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