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Joint Resolution

A legislative measure, requiring approval by both chambers of Congress and the President's signature (or an override of a veto), that has the force of law, often used for specific purposes like proposing constitutional amendments or disapproving regulations.

Congressional Disapproval

A process where Congress uses its authority, often under the Congressional Review Act, to reject a new rule or regulation issued by a federal agency, preventing it from taking effect or nullifying it if it has already taken effect.

Internal Revenue Service (IRS) Rule

A regulation issued by the IRS that interprets tax laws or provides guidance on how certain tax provisions should be applied, having the force of law once finalized.

Digital Asset

A digital representation of value or rights that can be electronically stored and transferred, such as cryptocurrencies (like Bitcoin or Ethereum), non-fungible tokens (NFTs), or other tokenized assets.

Broker (in this context)

A person or platform that regularly provides services facilitating the buying and selling of digital assets for other people, similar to how a stockbroker facilitates stock trades.

Gross Proceeds Reporting

The requirement for a financial institution or broker to report the total amount of money received from the sale of an asset, before any deductions for costs or commissions, to the IRS.