US Senators Push Bill to Make Small Crypto Transactions Tax-Free
Prominent U.S. senators are trying to free Americans from tracking taxes every time cryptocurrencies change hands, introducing a bill that would exempt them from reporting any transactions up to $50 or any trade in which they earn less than $50. Sen. Patrick Toomey (R-Pa.) joined with Kyrsten Sinema (D-Ariz.) to push the exemption from tax requirements for crypto users making small investments or purchases. Their Virtual Currency Tax Fairness Act matches a similar effort previously introduced in the House of Representatives. The idea of clearing low-level transactions from tax worries has also appeared elsewhere, including in a more comprehensive bill introduced this year by senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) “While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way,” said Toomey. He has sought to help the crypto industry on multiple tracks before he retires from the Senate at the end of this session.