Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of the Treasury relating to Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions.
About This Bill
Committee
Latest Action · August 2, 2024
Referred to the House Committee on Ways and Means.
This joint resolution disapproves a Treasury Department rule requiring brokers to report gross proceeds and basis information for digital asset transactions like cryptocurrency. The resolution uses the Congressional Review Act, which allows Congress to overturn regulations through a simple legislative process. If passed, the rule would be eliminated and would have no legal force or effect. The rule was published in the Federal Register on July 9, 2024, and was intended to improve tax reporting and compliance for digital asset trades. The resolution was introduced on August 2, 2024, and referred to the House Committee on Ways and Means.
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