Senate Virtual Currency Tax Fairness companion bill drops purchase exclusion ...
After being seen in the House a few times, a bipartisan bill is introduced into the Senate with a drastically reduced exclusion for purchases made with cryptocurrency. The Virtual Currency Tax Fairness Act of 2022 was introduced into the United States Senate on Tuesday by the bipartisan team of Senators Patrick Toomey and Kyrsten Sinema. The bill is a companion to the one already before the House of Representatives, although it differs in one key detail.Both the House and Senate bills exclude small purchases made with cryptocurrency from the capital gains tax. Currently, any purchase made....
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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....
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....
Ann Rivers, a Washington State senator, introduced a bill last week to ban the use of Bitcoin in purchasing or selling marijuana-related products. Rivers claims that Bitcoin isn’t transparent enough to be used as the underlying currency of the marijuana industry. She noted in the bill that Bitcoin does not have an actual value recognized by the US government. The bill reads: “‘Virtual currency’ does not include the software or protocols governing the transfer of the digital representation of value or other uses of virtual distributed ledger systems to verify ownership or authenticity in a....
U.S.-based crypto think tank Coin Center celebrated the introduction of the Virtual Currency Tax Fairness Act of 2022 in the Senate which is aimed at improving the daily use of crypto assets. Filed by U.S. Senators Pat Toomey and Kyrsten Sinema, this act is a new version of the same name bill filed in the […]
Lawmakers in New Hampshire have advanced a proposed law that would exempt bitcoin traders in the state from money transmitter requirements. The bill, HB 436, was passed in the New Hampshire House of Representatives yesterday by a vote of 185-170. With the passage, the measure now moves to the state Senate for further consideration. Public records currently do not indicate when the New Hampshire Senate will take up the bill. Specifically, HB 436 seeks to exempt virtual currency users from having to register as money service businesses, while also creating a formal definition for....