US Lawmakers Introduce ‘Virtual Currency Tax Fairness Act’ to Boost Cryptocur...
Several U.S. lawmakers have introduced the Virtual Currency Tax Fairness Act to strengthen “the legitimacy of cryptocurrency in our digital economy.” The bill also aims to expand the use of cryptocurrencies for payments. Virtual Currency Tax Fairness Act Introduced in the US Representatives Suzan DelBene and David Schweikert introduced the “Virtual Currency Tax Fairness Act of 2022” on Thursday. The bipartisan bill is cosponsored by Congressmen Darren Soto and Tom Emmer. The bill “would create a workable structure for taxing purchases made with virtual....
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A new bipartisan bill has been introduced in the Senate that would simplify the use of cryptocurrency for everyday purchases by creating tax exemption for personal crypto transactions under $50 as well as when the capital gains are less than $50.
New ‘Virtual Currency Tax Fairness Act’
A new bipartisan bill, known as the “Virtual Currency Tax Fairness Act,” was introduced in Congress Tuesday by Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ).
According to the announcement by the U.S. Senate Committee on Banking, Housing, and Urban....
The U.S lawmakers have released Crypto Tax Fairness Act on Monday to accelerate cryptocurrencies’ adoption in the mainstream. The act aims to make digital currency legitimate as a payment method. This move can also influence neighboring countries to adopt emerging technology, and ultimately, this will help digital assets to perform well globally. India is one […]
Earlier today, Congressman Stockman (TX-36) announced on his website in a press release that he plans to introduce the "Virtual Currency Tax Reform Act." I wish he had taken it a step further and called it the "Digital Currency Tax Reform Act," but one can only have so many wins in a day. This piece of legislation, if enacted, would revise the IRS Virtual Currency Guidance released very late last month. Instead of treating virtual currencies such as Bitcoin as property, the Virtual Currency Tax Reform Act will call for their treatment as currency. The exact text of the proposed legislation....
New cryptocurrency legislation was passed into law North Carolina by Governor Pat McCrory. Signed on July 6, the “Money Transmitters Act” defines virtual currencies as permissible investments, electronic and digital mediums, and digital records. North Carolina Opts for Regulation. This law gives definition and representation to virtual currencies, such....
House Representative Suzan DelBene, introducing the latest iteration of the bill, said the United States needs to "ensure that our tax code evolves with our use of virtual currency." A bill previously introduced by Washington Representative Suzan DelBene aims to exempt crypto users from paying taxes on transactions under $200.According to a Tuesday draft of the Virtual Currency Tax Fairness Act of 2022, Washington Representative Suzan DelBene is seeking to amend the Internal Revenue Code of 1986 to exclude gains from certain personal transactions of virtual currency. If signed into law,....