Sponsored by
Rep. Carey, Mike [R-OH-15]
ID: C001126
Follow the money
The bill
HJRES. 25, 119th Congress — read as touching Crypto & Fintech.
The sponsor
Every bill has someone who introduced it. That name is where the paper trail starts.
The money
20 itemised contributions to this sponsor, pulled from FEC filings.
The alignment
This bill's text tracks the "Introduction" section, p. 733-735 of the Mandate for Leadership.
Track this bill's progress through the legislative process
Latest Action
Became Public Law No: 119-5.
April 9, 2025
📍 Current Status
This bill has become law!
1. Introduction: A member of Congress introduces a bill in either the House or Senate.
2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.
3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.
4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.
5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.
6. Presidential Action: The President can sign the bill into law, veto it, or take no action.
7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!
(sigh) Oh joy, another exercise in legislative theater. Let's dissect this farce.
HJRES 25 is a joint resolution that disapproves of an IRS rule requiring brokers to report gross proceeds from digital asset sales. (yawn) How original. Politicians trying to "protect" their constituents from the evil clutches of taxation. Please, spare me the drama.
The real disease here is the metastasizing tumor of special interest lobbying. The affected industries – cryptocurrency exchanges, brokerages, and other financial institutions – have been whining about these regulations for years. And now, Congress has obligingly stepped in to "rescue" them from the horrors of transparency and accountability.
Compliance requirements? Ha! This bill is a masterclass in regulatory capture. By disapproving the IRS rule, Congress is essentially giving these industries a free pass to continue operating in the shadows. No need to worry about pesky reporting requirements or (gasp) paying taxes on their ill-gotten gains.
Enforcement mechanisms and penalties? Don't make me laugh. This bill is a toothless tiger, designed to placate the lobbyists while pretending to do something meaningful. The only penalty here is for the American taxpayer, who will continue to foot the bill for these industries' reckless behavior.
Economic and operational impacts? Oh boy, where do I even begin? By gutting these regulations, Congress is essentially greenlighting a Wild West of unregulated digital asset trading. This will lead to more market volatility, increased risk of money laundering, and (of course) further enriching the already wealthy at the expense of everyone else.
In short, this bill is a symptom of a deeper disease: the corrupting influence of special interest money in politics. It's a classic case of "regulatory capture," where industries use their lobbying muscle to neuter regulations that might actually hold them accountable.
So, let's get real here. This bill isn't about "protecting" anyone or anything; it's about protecting the interests of those who line the pockets of our esteemed lawmakers. And if you believe otherwise, well... I have a bridge to sell you in Brooklyn.
Rep. Carey, Mike [R-OH-15]
Congress 119 • 2024 Election Cycle
No PAC contributions found
No organization contributions found
No committee contributions found
This bill has 9 cosponsors. Below are their top campaign contributors.
ID: E000294
Top Contributors
10
ID: D000626
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10
ID: C001137
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10
ID: T000478
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ID: T000488
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ID: N000193
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ID: K000392
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ID: T000480
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ID: D000634
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10
Hub layout: Politicians in center, donors arranged by type in rings around them.
Showing 46 nodes and 35 connections (41 secondary connections hidden)
Total contributions: $213,350
Showing top 16 donors by contribution amount
Which industries are materially affected by specific provisions in this bill. 1 helped.
The joint resolution disapproves the IRS rule requiring gross proceeds reporting by brokers that regularly provide services effectuating digital asset sales. By nullifying this rule, the bill removes a regulatory reporting burden on cryptocurrency brokers and related fintech firms, providing a clear benefit (regulatory rollback).
This bill shows semantic similarity to the following sections of the Project 2025 policy document.
— 700 — Mandate for Leadership: The Conservative Promise Deputy Commissioner should be replaced. A thorough review of IT contracts should be conducted. The Integrated Modernization Business Plan41 should be systematically reviewed and a version of it cost-effectively implemented. An over- sight board composed of private sector IT experts should be established and given the authority to conduct meaningful, contemporaneous oversight. TAXPAYER RIGHTS AND PRIVACY Legal protections for taxpayer rights and privacy have improved during the past three decades, but they remain inadequate.42 Congress should do more. For exam- ple, interest on overpayments should be the same as interest on underpayments rather than the government receiving a higher rate, the time limit for taxpayers to sue for damages for improper collection actions should be extended, the juris- diction of the Tax Court should be expanded, and the tax penalty system should be reformed by rationalizing the penalty structure and reducing some of the most punitive penalties.43 The Office of the Taxpayer Advocate was created by Congress to assist taxpay- ers when the IRS bureaucracy is unresponsive or negligent. About 1.7 percent of the IRS budget goes to this function.44 Each year, the Office handles more than 250,000 cases, helping taxpayers to deal with the IRS. Each year, it issues nearly 2000 taxpayer assistance orders, a form of administrative injunction, forcing the rest of the IRS to stop taking unwarranted actions.45 Congress should provide the Office of the Taxpayer Advocate with greater resources so that it may better assist taxpayers suffering from wrongful IRS actions. The office should also be strengthened by, among other things: l Ensuring that the National Taxpayer Advocate can make his or her own personnel decisions to protect its independence; l Ensuring NTA access to files, meetings, and other information needed to assist taxpayers or investigate IRS administrative practices; l Requiring the IRS to address the NTA’s comments in final rules and including the NTA in deliberations prior to the release of a proposed rule; and l Authorizing the NTA to file amicus briefs independently. Administrative Burden. In 2021, Americans filed 261 million tax returns and an astounding 4.7 billion information returns (such as Form W-2s, Form 1098s and Form 1099s).46 Complying with tax law costs Americans more than $400 bil- lion annually, or about 2 percent of gross domestic product.47 Although the IRS — 701 — Department of the Treasury administers these reporting programs, most of this expense is mandated by Con- gress, not the IRS. One of the primary reasons that Congress mandates ever-increasing infor- mation reporting is that the Treasury Department and the Joint Committee on Taxation staff almost always overestimate how much revenue will be gained from still more burdensome information reporting, and they do not estimate or report private compliance costs. Congress and the Treasury Department must undertake a serious review of the information reporting regime and reduce the burden on the public—especially small businesses. Small businesses suffer disproportionately from complexity and administrative burdens. Costs do not increase linearly with size, so elevated administrative costs have an adverse effect on the competitiveness of small firms. Budget. The operating budget of the IRS should be held constant in real terms. The resources allocated to the Office of the Taxpayer Advocate should be increased by at least 20 percent (about $44 million). The Office of Equity, Diversity, and Inclusion should be closed. Provided that IT management is changed; an effective, well-considered implementation plan is adopted; and serious oversight is put in place, additional resources dedicated solely to IT modernization may be warranted. INTERNATIONAL AFFAIRS The Treasury Department should withdraw from Senate consideration the Protocol Amending the Convention on Mutual Administrative Assistance in Tax Matters.48 The protocol will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and suppression of political oppo- nents and religious or ethnic minorities by authoritarian and corrupt governments, including China, Colombia, Nigeria, and Russia. Unlike the original multilateral convention, the amended convention is open to all governments—including many that are either hostile to the United States, have serious corruption problems, or have inadequate privacy protections. The new Administration should also oppose the multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.49 International organizations such as the OECD, the World Bank, and the Inter- national Monetary Fund espouse economic theories and policies that are inimical to American free market and limited government principles. The global elites who operate the IMF regularly advance higher taxes and big centralized government. The IMF has intervened in American policy debates—and has even recommended that the U.S. raise taxes. The IMF’s record of advancing global financial stability has been mixed at best. Its development assistance and lending programs in third- world countries have more often than not retarded growth rather than advancing it. The Treasury Department plays an important role in these international institutions and should force reforms and new policies. The U.S., however, should
— 700 — Mandate for Leadership: The Conservative Promise Deputy Commissioner should be replaced. A thorough review of IT contracts should be conducted. The Integrated Modernization Business Plan41 should be systematically reviewed and a version of it cost-effectively implemented. An over- sight board composed of private sector IT experts should be established and given the authority to conduct meaningful, contemporaneous oversight. TAXPAYER RIGHTS AND PRIVACY Legal protections for taxpayer rights and privacy have improved during the past three decades, but they remain inadequate.42 Congress should do more. For exam- ple, interest on overpayments should be the same as interest on underpayments rather than the government receiving a higher rate, the time limit for taxpayers to sue for damages for improper collection actions should be extended, the juris- diction of the Tax Court should be expanded, and the tax penalty system should be reformed by rationalizing the penalty structure and reducing some of the most punitive penalties.43 The Office of the Taxpayer Advocate was created by Congress to assist taxpay- ers when the IRS bureaucracy is unresponsive or negligent. About 1.7 percent of the IRS budget goes to this function.44 Each year, the Office handles more than 250,000 cases, helping taxpayers to deal with the IRS. Each year, it issues nearly 2000 taxpayer assistance orders, a form of administrative injunction, forcing the rest of the IRS to stop taking unwarranted actions.45 Congress should provide the Office of the Taxpayer Advocate with greater resources so that it may better assist taxpayers suffering from wrongful IRS actions. The office should also be strengthened by, among other things: l Ensuring that the National Taxpayer Advocate can make his or her own personnel decisions to protect its independence; l Ensuring NTA access to files, meetings, and other information needed to assist taxpayers or investigate IRS administrative practices; l Requiring the IRS to address the NTA’s comments in final rules and including the NTA in deliberations prior to the release of a proposed rule; and l Authorizing the NTA to file amicus briefs independently. Administrative Burden. In 2021, Americans filed 261 million tax returns and an astounding 4.7 billion information returns (such as Form W-2s, Form 1098s and Form 1099s).46 Complying with tax law costs Americans more than $400 bil- lion annually, or about 2 percent of gross domestic product.47 Although the IRS
Policy matches are calculated using semantic similarity between bill summaries and Project 2025 policy text. A score of 60% or higher indicates meaningful thematic overlap. This does not imply direct causation or intent, but highlights areas where legislation aligns with Project 2025 policy objectives.
Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions''; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to ''Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications''; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.
A resolution to constitute the majority party's membership on certain committees for the One Hundred Nineteenth Congress, or until their successors are chosen.
CREATE AI Act of 2025