What is the Context of Congressional Review Act?

In digital asset news, the Congressional Review Act may be referenced when federal agencies issue new regulations impacting cryptocurrency or blockchain technology. Debates often arise regarding the application of this act to complex financial rules that affect digital markets. Its potential use highlights the ongoing tension between administrative agency authority and legislative oversight in shaping policy.

Congressional Review Act

Definition

The Congressional Review Act is a United States federal law that allows Congress to review new federal regulations issued by government agencies. It provides a mechanism for Congress to disapprove of a rule through a joint resolution. If both chambers pass the resolution and the President signs it, the rule is nullified. This act grants legislative bodies significant power over administrative rule-making.

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∞Non-Custodial Entities

∞US Congress

∞Regulatory Certainty

Congress Nullifies IRS Crypto Broker Rule Blocking New DeFi Reporting Mandates

The Congressional Review Act nullification of the expanded broker rule permanently removes non-custodial entities from immediate, onerous 1099-B tax reporting obligations.