Congressional Republicans, including Rep. Mike Carey and Sen. Ted Cruz, have introduced resolutions seeking to reverse new IRS guidelines that require custodial brokers to report transactions. This comes after a group of crypto lobbying firms sued the IRS, arguing that the requirement exceeds the agency's authority and is unconstitutional. The current rules state that custodial brokers must report gross proceeds starting in 2025 and cost basis for certain transactions in 2026. The final version of the 1099-DA form removed a section identifying the "type" of business, which has raised concerns from opponents who believe the rule places unfair reporting obligations on intermediaries and other actors in the crypto space. These resolutions have garnered some co-sponsors but have not yet been scheduled for a vote.



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