SJRES 3 · 119th CongressIntroducedVoted Mar 5, 2025
Block IRS rule on digital asset sales reporting
Banking & Financial
Sponsored by Ted Cruz
The vote
70-27
+43 margin
Worked the bill
$573M
24 groups · their total 2025 lobbying
In the distance
$912K
election money · background
Summary
What the bill does
This bill cancels a new IRS rule that would have required brokers of digital assets, such as cryptocurrency, to report customers' gross proceeds to the IRS. The rule was set to take effect in 2025. By disapproving the rule, the bill stops the IRS from enforcing this reporting requirement.
Why it matters
The stakes
The bill affects anyone who buys or sells digital assets like Bitcoin or Ethereum. If the rule had stayed, brokers would have had to send reports to the IRS about customers' transactions, which could have led to more tax enforcement. Without the rule, those reports are not required.
Major public companies this covers
- Coinbase GlobalCOIN
- PayPal HoldingsPYPL
- BlockSQ
The vote
How the chamber split
70 yea · 27 nayJoint Resolution Passed · 3 not voting
70 yes
27 no
Voted yes69
Rep 50Dem 18
Voted no27
Rep 0Dem 26
See how each member voted· all 96▸
Voted yes · 69
Ashley MoodyR · FL
Bernie MorenoR · OH
Bill CassidyR · LA
Bill HagertyR · TN
Chuck GrassleyR · IA
Cindy Hyde-SmithR · MS
Dan SullivanR · AK
David McCormickR · PA
Deb FischerR · NE
Eric SchmittR · MO
James E. RischR · ID
James LankfordR · OK
Jerry MoranR · KS
Jim BanksR · IN
John BarrassoR · WY
John BoozmanR · AR
John CornynR · TX
John HoevenR · ND
John KennedyR · LA
John R. CurtisR · UT
John ThuneR · SD
Jon HustedR · OH
Joni ErnstR · IA
Josh HawleyR · MO
Katie Boyd BrittR · AL
Kevin CramerR · ND
Lindsey GrahamR · SC
Lisa MurkowskiR · AK
Marsha BlackburnR · TN
Mike CrapoR · ID
Mike LeeR · UT
Mike RoundsR · SD
Mitch McConnellR · KY
Pete RickettsR · NE
Rand PaulR · KY
Rick ScottR · FL
Roger F. WickerR · MS
Roger MarshallR · KS
Ron JohnsonR · WI
Shelley Moore CapitoR · WV
Steve DainesR · MT
Susan M. CollinsR · ME
Ted BuddR · NC
Ted CruzR · TX
Thom TillisR · NC
Tim ScottR · SC
Tim SheehyR · MT
Todd YoungR · IN
Tom CottonR · AR
Tommy TubervilleR · AL
Adam B. SchiffD · CA
Alex PadillaD · CA
Andy KimD · NJ
Angela D. AlsobrooksD · MD
Ben Ray LujánD · NM
Brian SchatzD · HI
Catherine Cortez MastoD · NV
Charles E. SchumerD · NY
Cory A. BookerD · NJ
Jacky RosenD · NV
John FettermanD · PA
John W. HickenlooperD · CO
Jon OssoffD · GA
Kirsten E. GillibrandD · NY
Mark R. WarnerD · VA
Martin HeinrichD · NM
Raphael G. WarnockD · GA
Ruben GallegoD · AZ
Angus S. King, Jr.I · ME
Voted no · 27
Amy KlobucharD · MN
Chris Van HollenD · MD
Christopher A. CoonsD · DE
Christopher MurphyD · CT
Edward J. MarkeyD · MA
Elizabeth WarrenD · MA
Gary C. PetersD · MI
Jack ReedD · RI
Jeanne ShaheenD · NH
Jeff MerkleyD · OR
Lisa Blunt RochesterD · DE
Margaret Wood HassanD · NH
Maria CantwellD · WA
Mark KellyD · AZ
Mazie K. HironoD · HI
Michael F. BennetD · CO
Patty MurrayD · WA
Peter WelchD · VT
Richard BlumenthalD · CT
Richard J. DurbinD · IL
Ron WydenD · OR
Sheldon WhitehouseD · RI
Tammy BaldwinD · WI
Tammy DuckworthD · IL
Tim KaineD · VA
Tina SmithD · MN
Bernard SandersI · VT
The debate
What each side says
Supporters
- The rule would impose heavy paperwork and costs on digital asset brokers, especially smaller ones, making it harder for them to operate.bill
- The rule could drive digital asset trading away from regulated brokers to unregulated platforms, reducing transparency.report
- The rule was issued too quickly without enough input from the public and industry, so it should be reconsidered.report
Critics
- Without the rule, the IRS will have less information to track digital asset transactions, making it easier for people to avoid paying taxes on gains.report
- The rule was designed to close a gap in tax reporting for digital assets, similar to how stocks and bonds are reported, and canceling it creates an unfair advantage for digital asset investors.report
Each point links to its source. The views are attributed to those sources, not stated as ours.
Follow the money
From this bill outward
The bill
where every tie is measured fromSJRES 3Block IRS rule on digital asset sales reportingBanking & Financial
Who paid lobbyists to work it
Direct tie24 groups · their total 2025 lobbying| Group | Issues | 2025 lobbying (all issues) | Has PAC? |
|---|---|---|---|
| STATE OF LOC NATION GLOBAL PUBLIC BENEFIT CORPORATION› | AdvocacyOtherBanking | $80M | ✗No PAC |
| CHAMBER OF COMMERCE OF THE U.S.A.› | EnergyBankingForeign | $70M | ✗No PAC |
| NATIONAL ASSOCIATION OF REALTORS› | Real EstateBankingInsurance | $54M | ✓NAORPAC |
| BUSINESS ROUNDTABLE INC› | EnergyBankingHealth | $34M | ✗No PAC |
| META PLATFORMS, INC. AND VARIOUS SUBSIDIARIES› | TechSports & MediaBanking | $26M | ✗No PAC |
| AMERICAN HOSPITAL ASSOCIATION› | HealthOtherForeign | $25M | ✓AHAP |
| AMERICAN MEDICAL ASSOCIATION› | HealthForeignOther | $23M | ✗No PAC |
| AARP› | BankingHealthTech | $21M | ✗No PAC |
| GENERAL MOTORS COMPANY› | TransportBankingForeign | $20M | ✓GMC |
| AMERICAN CHEMISTRY COUNCIL› | BankingEnergyTransport | $19M | ✓ACCP |
| CTIA - THE WIRELESS ASSOCIATION› | TechDefenseOther | $19M | ✓CTWAPAC |
| AMAZON.COM SERVICES LLC› | BankingTechLabor | $18M | ✓ASLSSFAP |
| AMERICA'S HEALTH INSURANCE PLANS, INC. (AHIP)› | HealthInsuranceBanking | $17M | ✓AHIPIPAP |
| LOCKHEED MARTIN CORPORATION› | DefenseOtherBanking | $16M | ✓LMP |
| RTX CORPORATION AND AFFILIATES› | DefenseOtherBanking | $14M | ✗No PAC |
| PHARMACEUTICAL CARE MANAGEMENT ASSOCIATION› | HealthTransportBanking | $14M | ✗No PAC |
| NCTA - THE INTERNET & TELEVISION ASSOCIATION› | TechBankingDefense | $14M | ✓NTITAPACN |
| GENERAL DYNAMICS CORP› | DefenseLaborOther | $13M | ✓GDCPACGDEP |
| AMGEN INC.› | HealthBankingTech | $13M | ✓AIP |
| GOOGLE CLIENT SERVICES LLC› | OtherLaborTech | $13M | ✗No PAC |
| COMCAST CORPORATION› | TechBankingOther | $13M | ✓CCPAC |
| FEDEX CORPORATION› | ForeignBankingTransport | $13M | ✓FCPAC |
| PFIZER INC› | ForeignHealthBanking | $13M | ✓PP |
| ALTRIA CLIENT SERVICES LLC› | HealthBankingOther | $12M | ✗No PAC |
Election money, in the distance
Background · not tied to this billBanking & Financial PACs -> the members who voted▲ Voted yes70
18 Dem50 Rep
Banking & Financial PAC receipts$835K▸
- MORTGAGE BANKERS ASSOCIATION POLITICAL ACTION COMMITTEE (MORPAC)$177K
- AMERICAN BANKERS ASSOCIATION PAC (BANKPAC)$50K
- REGIONS FINANCIAL CORPORATION POLITICAL ACTION COMMITTEE$49K
- CAPITAL ONE FINANCIAL CORP. ASSOC. POLITICAL FUND$40K
- INVESTMENT COMPANY INSTITUTE POLITICAL ACTION COMMITTEE (ICI PAC)$40K
- U.S. BANCORP FEDERAL POLITICAL ACTION COMMITTEE$36K
- THE GOLDMAN SACHS GROUP, INC. POLITICAL ACTION COMMITTEE$27K
- DELOITTE POLITICAL ACTION COMMITTEE$25K
- PRICEWATERHOUSECOOPERS POLITICAL ACTION COMMITTEE I$23K
- AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS POLITICAL ACTION COMMITTEE$23K
- MORGAN STANLEY POLITICAL ACTION COMMITTEE$23K
- FEDERAL BIPARTISAN VOLUNTARY PUBLIC AFFAIRS COMMITTEE OF THE PNC FINANCIAL SERVICES GROUP, INC. (PNC$20K
- BANK OF AMERICA CORPORATION FEDERAL PAC$20K
- WESTERN ALLIANCE BANCORPORATION POLITICAL ACTION COMMITTEE (WABPAC)$20K
- BEYOND FINANCE EMPLOYEE POLITICAL ACTION COMMITTEE$20K
- ERNST & YOUNG POLITICAL ACTION COMMITTEE$20K
- THE CAPITAL GROUP COMPANIES INC POLITICAL ACTION COMMITTEE$20K
- THE FARM CREDIT COUNCIL POLITICAL ACTION COMMITTEE$15K
- LPL FINANCIAL LLC POLITICAL ACTION COMMITTEE (LPL PAC)$14K
- TRUIST FINANCIAL CORPORATION FEDERAL PAC (FORMERLY SUNTRUST BANKS, INC. POLITICAL ACTION COMMITTEE)$13K
- AMERICAN EXPRESS COMPANY POLITICAL ACTION COMMITTEE (AXPPAC)$10K
- THE SURETY & FIDELITY ASSOCIATION OF AMERICA POLITICAL ACTION COMMITTEE$10K
- FEDERAL HOME LOAN BANK OF TOPEKA PAC$10K
- PINNACLE WEST CAPITAL CORPORATION PAC$10K
- EQUIPMENT LEASING AND FINANCE ASSN PAC (LEASEPAC)$10K
- UBS AMERICAS INC. POLITICAL ACTION COMMITTEE (UBS PAC)$10K
- AMERICAN INVESTMENT COUNCIL POLITICAL ACTION COMMITTEE$10K
- SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE$10K
- CADENCE BANK PAC$10K
- THRIVENT FINANCIAL FOR LUTHERANS POLITICAL ACTION COMMITTEE$7K
- FMR LLC POLITICAL ACTION COMMITTEE - FEDERAL (FIDELITY PAC)$7K
- BMO FINANCIAL CORP GOOD GOVERNANCE FUND: FEDERAL (BMO PAC)$6K
- KPMG PARTNERS/PRINCIPALS AND EMPLOYEES PAC$5K
- BARCLAYS GROUP US INC. POLITICAL ACTION COMMITTEE$5K
- MASTERCARD INTERNATIONAL INC. EMPLOYEE PAC (MASTERCARD PAC) OR (MASTERCARD EMPLOYEE PAC)$5K
- SANTANDER HOLDINGS USA INC. PAC (SANTANDER US PAC)$5K
- HUNTINGTON BANCSHARES INC. POLITICAL ACTION COMMITTEE (HBI-PAC)$5K
- SCHOOLSFIRST FEDERAL CREDIT UNION EMPLOYEES FEDERAL PAC$5K
- CITIGROUP INC. PAC - FEDERAL (CITI PAC - FEDERAL)$5K
- STATE STREET BANK AND TRUST COMPANY VOLUNTARY POLITICAL ACTION COMMITTEE$5K
- COMMUNITY BANCSHARES OF MISSISSIPPI INC. POLITICAL ACTION COMMITTEE$4K
- EAST WEST BANCORP, INC POLITICAL ACTION COMMITTEE$4K
- ALLY FINANCIAL INC. ADVOCACY POLITICAL ACTION COMMITTEE$4K
- INFIN, A FINANCIAL SERVICES ALLIANCE, INC. PAC ('INFIN PAC')$3K
- U.S. VENTURE INC. PAC$1K
Members covered49 / 70
Avg per covered$17K
▼ Voted no27
26 Dem0 Rep
Banking & Financial PAC receipts$77K▸
- THE CAPITAL GROUP COMPANIES INC POLITICAL ACTION COMMITTEE$13K
- ERNST & YOUNG POLITICAL ACTION COMMITTEE$10K
- AMERICAN BANKERS ASSOCIATION PAC (BANKPAC)$10K
- DELOITTE POLITICAL ACTION COMMITTEE$10K
- LPL FINANCIAL LLC POLITICAL ACTION COMMITTEE (LPL PAC)$5K
- THE FARM CREDIT COUNCIL POLITICAL ACTION COMMITTEE$5K
- INVESTMENT COMPANY INSTITUTE POLITICAL ACTION COMMITTEE (ICI PAC)$5K
- PRICEWATERHOUSECOOPERS POLITICAL ACTION COMMITTEE I$5K
- MORTGAGE BANKERS ASSOCIATION POLITICAL ACTION COMMITTEE (MORPAC)$5K
- EAST WEST BANCORP, INC POLITICAL ACTION COMMITTEE$3K
- THE SURETY & FIDELITY ASSOCIATION OF AMERICA POLITICAL ACTION COMMITTEE$3K
- FINANCIAL SERVICES INSTITUTE PAC$3K
- UNITED WHOLESALE MORTGAGE PAC (UWM PAC)$1K
Members covered9 / 27
Avg per covered$9K
Lobbying filings, contributions, and votes are public records shown side by side. The further down the chain, the further the money is from this bill. This page does not assert that money caused any vote.