Latest action: Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
Bill is filed in its originating chamber and assigned a number.
Sponsor
Ted Cruz (R-TX)
Filed in the Senate.
Next: In Committee
Members of the committee(s) the bill was referred to
Congress votes to reject IRS rules requiring brokers to report digital asset sales.
The problem
The IRS issued new rules requiring brokers to report gross proceeds from digital asset transactions. Some argue this creates compliance burdens and privacy concerns for individuals and businesses.
The proposal
This resolution uses congressional disapproval authority to block the IRS rule on digital asset sales reporting by brokers.
The impact
Cryptocurrency traders and brokers would avoid new reporting requirements. Tax collection and financial transparency efforts could be reduced.
Brokers and cryptocurrency platforms would not need to build expensive new reporting systems. This could lower costs for businesses and potentially reduce fees charged to customers.
Fewer government records of digital asset transactions means less data collection. Some view this as protecting individual financial privacy.
Cryptocurrency exchanges and brokers face less regulatory red tape. Smaller companies in the digital asset space would not struggle as much with complex rules.
Without reporting requirements, the IRS has less information about digital asset profits. This could allow more tax evasion and reduce government tax collection.
Less transparency in digital asset markets makes it harder to detect fraud and illegal activities. Regulators would have fewer tools to monitor financial crimes.
Digital asset investors get less scrutiny than stock and bond investors. Traditional investment brokers already report similar sales data to the IRS.
Digital assets are a growing part of the economy. Blocking reporting rules prevents the government from keeping pace with financial changes.
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.
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