Floor SpeechNeutral2025-03-14

PROVIDING FOR CONGRESSIONAL DISAPPROVAL OF THE RULE SUBMITTED BY THE INTERNAL REVENUE SERVICE RELATING TO "GROSS PROCEEDS REPORTING BY BROKERS THAT REGULARLY PROVIDE SERVICES EFFECTUATING DIGITAL...

Context

On 2025-03-14, Representative Lateefah Simon (D-CA-12) delivered a floor speech titled "PROVIDING FOR CONGRESSIONAL DISAPPROVAL OF THE RULE SUBMITTED BY THE INTERNAL REVENUE SERVICE RELATING TO "GROSS PROCEED" in the House. It referenced legislation: HJRES25.

Full Text

PROVIDING FOR CONGRESSIONAL DISAPPROVAL OF THE RULE SUBMITTED BY THE INTERNAL REVENUE SERVICE RELATING TO "GROSS PROCEEDS REPORTING BY BROKERS THAT REGULARLY PROVIDE SERVICES EFFECTUATING DIGITAL...

Congressional Record, Volume 171 Issue 49 (Friday, March 14, 2025) [Congressional Record Volume 171, Number 49 (Friday, March 14, 2025)] [Extensions of Remarks] [Pages E215-E216] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] PROVIDING FOR CONGRESSIONAL DISAPPROVAL OF THE RULE SUBMITTED BY THE INTERNAL REVENUE SERVICE RELATING TO ``GROSS PROCEEDS REPORTING BY BROKERS THAT REGULARLY PROVIDE SERVICES EFFECTUATING DIGITAL ASSET SALES'' ______ speech of HON. LATEEFAH SIMON of california in the house of representatives Tuesday, March 11, 2025 Ms. SIMON. Mr Speaker, I will vote for H.J. Res. 25, a joint resolution providing for congressional disapproval under chapter 8 of title [[Page E216]] 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.'' My constituents in the East Bay are among the many adopters of digital assets and cryptocurrencies. And while I have consistently opposed any Congressional Review Act (CRA) joint resolutions advanced by the House Majority--and am concerned about the loss in critical tax revenue as a result of this CRA--I believe the digital asset space offers new pathways for economic opportunity, especially for historically marginalized communities; and I strongly believe we must craft an inclusive regulatory framework that protects consumers, holds bad actors accountable, and supports financial inclusion for those who utilize these services. I welcome the opportunity to work with my colleagues to thoughtfully legislate oversight of and implement necessary guardrails around digital assets so that we protect consumers--especially Black and Brown entrepreneurs, small investors, and working people--and promote innovation. ____________________

Referenced legislation: HJRES25

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PROVIDING FOR CONGRESSIONAL DISAPPROVAL OF THE RULE SUBMITTED BY THE INTERNAL REVENUE SERVICE RELATING TO "GROSS PROCEEDS REPORTING BY BROKERS THAT REGULARLY PROVIDE SERVICES EFFECTUATING DIGITAL... Congressional Record, Volume 171 Issue 49 (Friday, March 14, 2025) [Congressional Record Volume 171, Number 49 (Friday, March 14, 2025)] [Extensions of Remarks] [Pages E215-E216] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] PROVIDING FOR CONGRESSIONAL DISAPPROVAL OF THE RULE SUBMITTED BY THE INTERNAL REVENUE SERVICE RELATING TO ``GROSS PROCEEDS REPORTING BY BROKERS THAT REGULARLY PROVIDE SERVICES EFFECTUATING DIGITAL ASSET SALES'' ______ speech of HON. LATEEFAH SIMON of california in the house of representatives Tuesday, March 11, 2025 Ms. SIMON. Mr Speaker, I will vote for H.J. Res. 25, a joint resolution providing for congressional disapproval under chapter 8 of title [[Page E216]] 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.'' My constituents in the East Bay are among the many adopters of digital assets and cryptocurrencies. And while I have consistently opposed any Congressional Review Act (CRA) joint resolutions advanced by the House Majority--and am concerned about the loss in critical tax revenue as a result of this CRA--I believe the digital asset space offers new pathways for economic opportunity, especially for historically marginalized communities; and I strongly believe we must craft an inclusive regulatory framework that protects consumers, holds bad actors accountable, and supports financial inclusion for those who utilize these services. I welcome the opportunity to work with my colleagues to thoughtfully legislate oversight of and implement necessary guardrails around digital assets so that we protect consumers--especially Black and Brown entrepreneurs, small investors, and working people--and promote innovation. ____________________ Referenced legislation: HJRES25