Who it affects
- People handling decentralized finance transactions
- Internal Revenue Service (IRS)
Passed the SenateOverturns a ruleTaxesFinance
Digital asset sales reporting rule
S.J.Res. 3 · Resolution · Introduced Jan. 21, 2025
This bill would cancel an IRS rule requiring people handling decentralized finance transactions to report certain information about digital asset sales.
At a glance
Where it stands
Passed the Senate 70 to 27 on March 4.
How South Carolina voted
Lobbying and money
9 groups lobbied on it: company, advocacy group or nonprofit, trade group.
Top link: Blockchain Association lobbied on it and gave $2,500 via PACs; $0 via lobbyists; $0 via employees to 1 SC members.
See who gave to whom ↓What it would do
- This bill would cancel an IRS rule about reporting digital asset sales.
- The IRS issued the rule on December 30, 2024.
- The rule generally requires people handling decentralized finance transactions to report certain digital asset sales information to the IRS.
Written with AI from the official summary by Congress's research office.
How South Carolina voted
Senate vote
Vote to pass
March 4, 2025 · Passed 70 to 27
- Republicans
- 51 yes
- 0 no
- Democrats
- 18 yes
- 26 no
- Independents
- 1 yes
- 1 no
Other votes on this bill (1)
Senate · Vote to start debate · March 4, 2025 · Approved
Graham: Yes · Scott: Yes
Official vote ↗
Groups that lobbied on it and gave to SC's members
PAC, lobbyist campaign and qualifying employee money this election, shown separately and never added together. Lobbying reports name the bills a group worked on, not which side it took.
| Group | What it is | Gave SC members | Members |
|---|---|---|---|
| Blockchain Association | Trade group | PAC: $2,500 | 1 |
| Solana Policy Institute | Advocacy group or nonprofit | Lobbyists: $2,500 | 1 |
See all groups, by member
Members without a final recorded vote are grayed out and excluded from totals. Events and honors are not campaign money and aren't included. Matches use exact organization names.
| Organization | Darline GrahamNo vote | Lindsey GrahamYes | Tim ScottYes | Jim ClyburnNo vote | Joe WilsonNo vote | Nancy MaceNo vote | Ralph NormanNo vote | Russell FryNo vote | Sheri BiggsNo vote | William TimmonsNo vote | Members |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Blockchain Association | – | – | PAC: $2,500 | – | – | – | – | – | – | – | 1 |
| Solana Policy Institute | – | – | Lobbyists: $2,500 | – | – | – | – | – | – | Lobbyists: $1,500 | 1 |
Official record
Official title, sponsor and status
- Official title
- A joint resolution 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".
- Sponsor
- Sen. Cruz, Ted (R-TX)
- Introduced
- Jan. 21, 2025
- Cosponsors
- 14
- Committees
- Senate Finance Committee
- Latest action
- March 12, 2025 · Message received in Senate: Returned to the Senate pursuant to the provisions of H.Res. 212.
Official summary from the Congressional Research Service
This joint resolution nullifies the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the Internal Revenue Service (IRS) on December 30, 2024. The rule generally requires persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the IRS.
Summary on Congress.gov ↗Everyone who lobbied on this bill (9 groups)
27 reports. Fees cover each report's whole lobbying effort, not just this bill.
Businesses and trade groups (6)
- Blockchain Association ↗8 reports
- Digital Currency Group ↗7 reports
- Exodus Movement, Inc. ↗2 reports
- Anchor Labs, Inc. ↗1 report
- Uniswap Labs ↗1 report
- Ledger ↗1 report
Labor unions (0)
None.
Advocacy groups and nonprofits (3)
- Solana Policy Institute ↗3 reports
- Filecoin Foundation ↗3 reports
- Defi Education Fund ↗1 report
Not classified (0)
None.
Lobbying firms (9)
- Blockchain Association ↗7 reports
- Digital Currency Group ↗7 reports
- Solana Policy Institute ↗3 reports
- Filecoin Foundation ↗2 reports
- Exodus Movement, Inc. ↗2 reports
- Goldstein Policy Solutions ↗Lobbying firms · 3 reports
- Anchor Labs, Inc. ↗1 report
- Uniswap Labs ↗1 report
- Capitol Asset Strategies ↗Lobbying firms · 1 report
We sorted these groups by name and industry. The labels are ours, not legal categories.