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Regulatory clarity is what is cried out for by the crypto industry. In leaving the Securities and Exchange Commission (SEC) a set of arcane laws to create guidance regarding blockchain tokens, the default of ‘regulation by enforcement’ has left many entrepreneurs dissuaded about the ability to create and develop blockchain technology.
WASHINGTON, DC - Today, Congressman David Schweikert (AZ-06), Co-Chair of the Congressional Blockchain Caucus, along with Caucus Co-Chairs Congressman Bill Foster (IL-11), Congressman Tom Emmer (MN-06), and Congressman Darren Soto (FL-09) sent a letter to the Internal Revenue Service (IRS) asking for guidance on the taxation of “block rewards” in a proof of stake network.
U.S. lawmakers have resurrected a bipartisan push to exempt gains from small cryptocurrency transactions from being taxed.
Washington, D.C. – Today, Congresswoman Suzan DelBene (WA-01) and Congressman David Schweikert (AZ-06) introduced the Virtual Currency Tax Fairness Act (H.R. 5635), a bipartisan bill which would amend the Internal Revenue Code of 1986 to specifically address transactions made with virtual currency. This bill creates a structure for taxing purchases made with virtual currency, further strengthening the legitimacy of virtual currency in the digital economy by creating parity in the tax code.
A bill seeking to exempt personal cryptocurrency transactions from taxation for capital gains has been reintroduced in the Congress of the United States.
A renewed effort to create a de minimis tax exemption for day-to-day cryptocurrency purchases has begun in the halls of the U.S. Congress.
The Virtual Currency Tax Fairness Act of 2020, published Thursday by Washington, D.C.-based crypto advocacy group Coin Center, was introduced by Congresswoman Suzan Delbene of Washington and Congressman David Schweikert of Arizona.