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".
Latest Action
Referred to the House Committee on Ways and Means.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™House Joint Resolution 198 (HJRES 198) from the 118th Congress is a legislative measure aimed at disapproving a specific rule issued by the Department of the Treasury. The rule in question pertains to the reporting requirements for brokers regarding gross proceeds and basis, as well as the determination of amount realized and basis for digital asset transactions. The resolution seeks to nullify this Treasury rule under the authority granted by chapter 8 of title 5, United States Code, which governs congressional disapproval of federal regulations. As of the latest update, the resolution was referred to the House Committee on Ways and Means but has since failed or expired without further legislative action. The bill falls under the policy area of Finance and Financial Sector, reflecting its focus on tax reporting and regulatory oversight of digital asset transactions.
HJRES 198 is a congressional resolution intended to reject a Treasury Department rule on broker reporting for digital asset transactions, but it did not advance beyond committee and has expired.
- The resolution targets a Treasury rule concerning reporting of gross proceeds and basis by brokers for digital asset transactions.
- It uses the congressional disapproval process under chapter 8 of title 5, U.S. Code, to attempt to nullify the rule.
- The bill was referred to the House Committee on Ways and Means on August 2, 2024, but did not progress and is now failed or expired.
['Brokers involved in digital asset transactions who would be subject to the reporting requirements under the Treasury rule', 'Digital asset traders and investors potentially affected by changes in tax reporting regulations', 'Financial sector entities concerned with compliance costs related to digital asset transaction reporting']
['The resolution’s failure to advance may leave the Treasury rule in place, affecting reporting burdens on brokers and taxpayers.', 'Lack of detailed legislative text limits clarity on specific provisions or amendments proposed.', 'Potential challenges in oversight and enforcement of digital asset transaction reporting remain unaddressed.']
HJRES 198 was introduced in the House during the 118th Congress as part of a broader legislative mechanism allowing Congress to disapprove federal regulations. The referral to the House Committee on Ways and Means aligns with the committee’s jurisdiction over tax and financial regulatory matters. The resolution’s failure or expiration indicates it did not receive sufficient legislative support or priority to advance through the congressional process.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Maintaining the Treasury rule could increase compliance costs for brokers handling digital asset transactions.', 'Failure to disapprove the rule may influence future regulatory approaches to digital asset taxation and reporting.', 'Potentially affects the transparency and reporting accuracy of digital asset transactions in the financial sector.']
The bill’s lack of detailed text and its failure to progress beyond committee limits transparency into the specific regulatory changes proposed. Monitoring the Treasury’s rule implementation and any future legislative efforts is important for understanding evolving oversight of digital asset transaction reporting. The use of the congressional disapproval process highlights the legislative check on administrative rulemaking but also underscores the challenges in altering complex financial regulations.
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