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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".
This joint resolution nullifies requirements for persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the Internal Revenue Service (IRS). Specifically, the joint resolution nullifies the requirements included in the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the IRS on December 30, 2024.
Decentralized finance refers to the suite of financial activities and services that are facilitated by cryptocurrency and intended to be conducted without any sort of reliance on traditional financial tools or intermediaries.
SenateMotion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 70 - 28. Record Vote Number: 150.
SenateReceived in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27.
House floor actionsRules Committee Resolution H. Res. 211 Reported to House. Rule provides for consideration of H.J. Res. 25, H.R. 1156 and H.R. 1968. The resolution provides for consideration of H.J. Res. 25, H.R. 1156, and H.R. 1968 under a closed rule. Also, the resolution provides for one hour of general debate and one motion to recommit on each measure.
House floor actionsReported by the Committee on Ways and Means. H. Rept. 119-7.
House committee actionsCommittee Consideration and Mark-up Session Held
Library of CongressIntroduced in House
House floor actionsReferred to the House Committee on Ways and Means.
Introduced
Committee
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What Congress Said
Members who spoke about this bill on the floor, in their own words from the Congressional Record.
Republicans10 spoke
For the purpose of debate only, I yield the customary 30 minutes to the gentleman from Massachusetts (Mr. McGovern), pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only.
So here we are again. My colleagues on the other side of the aisle, who constantly always talk about the need to support a CR to ``keep the lights on'' now find themselves in the curious position of not wanting to have the lights on because they don't like what is happening.
I rise today in support of a Congressional Review Act resolution repealing the last-minute, unfair, and unworkable Biden IRS rule that places a bureaucratic burden on the Americans who own cryptocurrency and the platforms that allow them to own it.
H. Con. Res. 14, the fiscal year 2025 congressional budget resolution, included an instruction to the chairman of the Senate Committee on the Budget to file enforceable levels in the Senate in the event the budget was agreed to without the need to appoint a committee of conference on the measure.
My friend mentioned cutting Social Security. There is nothing about Social Security that is in this bill. My friend mentioned or I guess will mention cutting Medicaid. There is nothing about cutting Medicaid in here.
President Biden and his politically motivated junk fee conversation was not about helping consumers. It was about trying to change the conversation away from the devastation that inflation was bringing to kitchen table after kitchen table after kitchen table all across America.
This legislation has broad bipartisan support. How do we know this? Last week in the Senate, 51 Republicans were joined by 18 Democrats and 1 Independent who favored it.
I rise today in strong support of H.J. Res. 25, which overturns the Biden administration's misguided attempt to impose unworkable reporting requirements on the digital asset industry.
The IRS' DeFi broker rule is a misguided and overreaching attempt to impose financial reporting requirements, which represents a fundamental misunderstanding of digital assets and its underlying technology.
EPA's mission to protect human health and the environment has guided the Agency for more than 50 years, with bipartisan support. The Agency was created by Republican President Richard Nixon, and conservative Presidents like Ronald Reagan and George W.
It is the perfect segue to my remarks because ``downwind'' means we are the recipient of their air and their pollution, which are the small particulates.
My Republican friends want to pretend like this is a clean CR. It is 99 pages, for God's sake. A CR is pretty simple. The government gets funded at the same levels. Calling this CR clean is laughable. This bill cuts healthcare for veterans. Mr.
This bill, designed to exempt crypto fraud, is consistent with the sudden decision last week of Trump's SEC to halt prosecuting fraud against a Chinese businessman who, just coincidentally, invested $75 million in the Trump family's World Liberty Financial.
I oppose--and oppose firmly--the Trump administration's attempts to weaken the EPA. I will always support making it more efficient, more effective, but the mission that the EPA has--an organization started during the Nixon administration--is to protect the health and welfare of the American people.
This resolution today would repeal some but not all of the Treasury regulations by the Biden administration regarding the new reporting requirements related to sales of cryptocurrency.
I firmly oppose the Trump EPA's misguided plan and will continue to join Senator Whitehouse and my other colleagues in pushing back against this administration's harmful agenda.
A ``yes'' vote on this rule is a vote for Trump's tariffs. A ``yes'' vote on this rule is a vote to keep prices high for American families. A ``yes'' vote is a vote to block Congress from doing its job to lower costs.
That is exactly right. It is CR day on Capitol Hill, and what is going on with Republicans? I mean, President Trump puts out a tweet and says please and all a sudden they just flip- flop.
Costs are at an all-time high. I came down here to tell people that if you are struggling to afford food, can't pay rent, or the medical bills are stacking up, this bill will make your life worse. Why? To give tax cuts to billionaires and big corporations.
As we stand here on the floor today, I am hearing Members of the other side of the aisle who said they would never vote for a continuing resolution, that they would never vote to raise the debt, and that they would never vote for a bill that extends the debt ceiling say that we have to pass this bill.
This bill would allow President Trump and Elon Musk to supercharge their attacks on essential Federal programs and workers, including Social Security and the FAA, with no input from Congress.
I rise today in strong opposition to the Republicans' partisan sham of a government funding bill which is nothing more than a blank canvas for Donald Trump and Elon Musk to continue their smashing and looting of our Federal Government.
I strongly oppose this rule and the full-year continuing resolution. The CR is an act of fiscal sabotage against D.C. and is an abuse of power over a disenfranchised jurisdiction, the consequences be damned.
Rather than stand up to Musk, Republicans are giving him the power to shut down the government programs Musk doesn't like. Remember, just last night Musk said that he wants to eliminate the big programs like Social Security and Medicare. Musk also wants to fire thousands of VA employees.
Our Nation's sacred promise is just as the military says: On the battlefield we leave no soldier behind, and when they come home we leave no veteran behind. With this bill, Republicans have broken that promise.
There are concerns with the IRS Final Rule, in that it may exceed the scope provided for in the Infrastructure Investment and Jobs Act. The rule also raises important issues that warrant further scrutiny, including its potential impact on innovation and privacy.
This bill abdicates our constitutional responsibilities to direct funding and it gives it to Elon Musk and Mr. Trump. It undercuts the separations of powers in our Constitution.
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