Senator Pat Toomey Introduce A Bill To Eliminate Taxes in Crypto. In recent news, both senators announced the Virtual Currency Tax Fairness Act.
The Virtual Currency Tax Fairness Act
On 26 July, the Senate announced a bill to make citizens’ use of digital assets easier for daily purchases. The bill is creating a “sensible de minimis exemption for gains of less than $50 on personal transactions and personal transactions under $50.”
Senator Pat Toomey explained why the bill is necessary. He said that digital currencies have the potential to be a part of Americans’ daily life. However, the current tax is blocking the development. In the current law, a tax would occur for any transaction by crypto. The goal is to make Americans use cryptocurrencies by eliminating taxes on small personal transactions.
While #crypto has the potential to become part of our everyday lives, the current tax code stands in the way. @SenatorSinema and I are teaming up to make it easier to use digital currencies as a common method of payment by exempting from taxes small personal transactions. pic.twitter.com/B6K3jT7GBC
— Senator Pat Toomey (@SenToomey) July 26, 2022
Before this one, several bills have been proposed to exclude tax in the transactions for different amounts.
The Crypto Community’s Reactions to the News
The bill is currently gaining support from many people in the community. One of them is Crypto Council for Innovation. They stated, “With 1 in 5 Americans holding or using crypto, greater regulatory clarity will support the industry’s next growth.
With 1 in 5 Americans holding or using crypto, greater regulatory clarity will support the industry's next stage of growth.https://t.co/M71ZD8mqB9
— Crypto Council for Innovation (@crypto_council) July 26, 2022
Another account said, “Industry hopes this could encourage more public use of crypto.”
Industry hopes this could encourage more public use of crypto.
— Ylan Q. Mui (@ylanmui) July 26, 2022
However, as the crypto industry has broad communities, other people disagree with this news. One account mentioned that crypto needs more regulations instead.
Crypto doesn’t need subsidies; it needs regulation. This is stupid and I’m not surprised it is Toomey and Sinema, who are unserious about their jobs. https://t.co/bUjB40fGEu
— Matt Foreman (@ForemanTaxLaw) July 26, 2022
Since the news dropped, people have been discussing their views. The new information regarding tax in the crypto world always interests people as it would affect the transactions.