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HJRES198FEDERALFederal Billfiled

High Impact

Proposed Resolution to Block New Digital Asset Tax Reporting Rules

Original title: HJRES 198: Congress Considers Disapproving Treasury Rule on Digital Asset Reporting

Record date · August 2, 2024

Bill progressHistory & official text ↓

Introduced

Committee

Floor Vote

Passed

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Public stanceCommunity reactions are separate from the official record and reporting.

What This Bill Would Do

This resolution seeks to nullify a recent Treasury Department rule that requires brokers to report and information for digital asset transactions. If passed, the rule would be invalidated and prevented from taking effect.

Why it matters

The resolution directly impacts the regulatory requirements for digital asset brokers and the tax reporting obligations of individuals who trade cryptocurrency, potentially preventing new federal oversight of these transactions.

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

Digital asset brokers

These entities would be subject to new reporting requirements if the Treasury rule is not blocked.

Directly affected

Digital asset traders

These individuals would be subject to new tax reporting procedures for their transactions if the rule remains in effect.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

What does this resolution do?

It uses congressional authority to block a specific Treasury Department rule from becoming effective.

What is the rule being blocked?

It is a rule regarding how brokers must report and information for digital asset transactions.

What else do you want to know?

News Coverage

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Where This Stands

Currently filed. The next step in the legislative lifecycle is Committee.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

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Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Related Legislation

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Proposed Resolution to Overturn Federal Reserve Climate Risk Rules

This resolution seeks to invalidate a Federal Reserve rule that sets guidelines for how large financial institutions manage climate-related financial

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Congressional Review Act Usage

The resolution utilizes the Congressional Review Act to target specific financial reporting requirements for digital assets.

Department of the Treasury Mr. Palmer

Connected Entities

Department of the Treasury, chapter 8 of title 5, United States Code

OrganizationDepartment of the Treasury“submitted the rule”Map →

bill numberchapter 8 of title 5, United States Code“legal basis for disapproval”Map →

Sources

Open source document

www.congress.gov

Analysis Score

0–100

Significance85
How much this matters to a regular citizen
Controversy75
Intensity of disagreement among stakeholders
Entertainment20
Compellingness for a non-policy-wonk reader
Buzz60
Current news / social attention level

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