Finance & Insurance money and the vote on S.J.Res. 3
52 members who voted on S.J.Res. 3 took finance & insurance PAC money in the 2024 cycle. Here is how much each received, and how they voted.
· U.S. Wealth Watcher
62 members who cast a yes or no vote took finance & insurance PAC money in the 2024 cycle. The biggest recipients are shown; the full list is on the bill page.
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.
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.
- Coinbase GlobalCOIN
- PayPal HoldingsPYPL
- BlockSQ
How the chamber split
What each side says
- 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
- 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.
Finance & Insurance money, split by party
Finance & Insurance PAC receipts$747K▸
- UBS AMERICAS INC. POLITICAL ACTION COMMITTEE (UBS PAC)$55K
- CADENCE BANK PAC$55K
- AMERICAN BANKERS ASSOCIATION PAC (BANKPAC)$50K
- SMALL BUSINESS INVESTOR ALLIANCE PAC$40K
- +46 more Finance & Insurance PACs
Finance & Insurance PAC receipts$296K▸
- THE COUNCIL OF INSURANCE AGENTS & BROKERS POLITICAL ACTION COMMITTEE$20K
- FINANCIAL SERVICES INSTITUTE PAC$18K
- SMALL BUSINESS INVESTOR ALLIANCE PAC$16K
- CAPITAL ONE FINANCIAL CORP. ASSOC. POLITICAL FUND$15K
- +31 more Finance & Insurance PACs
See all 62 members and the full breakdown on the S.J.Res. 3 bill page →
This is an automatically generated timeline of dated public records. It states facts and implies nothing about any decision or motive. Correlation is not causation.
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