Summary

Disapproves and nullifies an IRS rule that required brokers who regularly facilitate digital-asset sales to report gross proceeds from those transactions. The rule referenced (published at 89 Fed. Reg. 106928) is declared to have no force or effect, removing that reporting requirement from federal regulatory guidance.

• The resolution nullifies a specific IRS rule requiring gross-proceeds reporting by brokers involved in digital asset sales.
• It removes a third-party reporting obligation that would have increased information flow to the IRS about crypto transactions.
• Directly affects brokers, digital-asset platforms, and intermediaries that would have been subject to the reporting requirement.
• Indirectly affects taxpayers who trade digital assets by changing how much transaction information the IRS receives from third parties.
• Does not create new reporting rules or alter the underlying tax law; it simply disapproves the identified regulation.
• No funding, appropriations, or new agency programs are included.
• May reduce compliance costs for brokers but can also reduce IRS visibility and could complicate enforcement of tax obligations on digital-asset transactions.
• Administrative burden and operational changes that firms were planning to implement in response to the rule would no longer be required if the disapproval takes effect.