US Proposed To Exempt Payments In Cryptocurrency From Taxes

The authors of the bill believe that this will allow Americans to use cryptocurrency as easily as cash.

The Cryptocurrency Fair Taxation Bill has been resubmitted to the House of Representatives of the US Congress , which provides for exemption from capital gains tax when the profit from the use of digital assets does not exceed $200.

Currently, holders of Cryptocurrency in the US must report capital gains based on the value of cryptocurrencies to the IRS not only when investing, but also when making payments.

The draft law explains that, under current law, Americans must calculate their profit from changes in the value of cryptocurrencies against the dollar from the moment they purchase assets to the moment they are used, and transfer this data to the tax authorities in any transaction, even if they pay for a cup of coffee with cryptocurrency. This makes the daily use of crypto assets almost impossible, the document notes.

The bill was sponsored by Republican David Schweikert and Democrat Susan DelBen. Also working on the draft law were co-chairs of the Blockchain Group Darren Soto and Tom Emmer. According to the latter, the adoption of the bill will allow Americans to use cryptocurrency as easily as cash.

In February of this year, the administration of US President Joe Biden will publish a nationwide strategy for cryptocurrencies. Senior Biden administration officials have already held several meetings on the matter.