Similar initiatives have previously been introduced in two other bills still sitting in Congress, but there’s been little indication that they will be voted into law anytime soon.
Senators Introduce Bill on Tax-Free Crypto Transactions
A new bill aiming to cut taxes on small crypto payments has entered the U.S. Senate.
According to a Tuesday announcement, Senators Patrick Toomey (R-Pa.) and Kyrsten Sinema (D-Ariz.) have introduced a bill that aims to make crypto transactions of up to $50 exempt from capital gains taxes to the U.S. Senate. As things currently stand, the Internal Revenue Service treats crypto assets as property and crypto transactions as investments rather than payments, meaning Americans are obliged to track and pay capital gains taxes every time they exchange or sell cryptocurrency. This has dramatically hindered the potential use of the asset class in mainstream commerce, which in turn has been used by many critics and regulators as an argument against the crypto’s...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...