Skip to main content

The USA to consider the bill that cancel taxation of cryptocurrencies

The U. S. Congress will discuss the actualized parts of the Securities Act of 1933 and the Securities Act of 1934 amended by Rep. Warren Davidson, Ohio, in regard to the taxation of cryptocurrencies.

It is said in Token Taxonomy Act that the digital currencies which held on retirement accounts should be taxed the same way as gold bullions. An exchange of one cryptocurrency for another and crypto to cash transactions for less than $600 would no longer be considered a taxable event.

It is should be noted that the bill was submitted for the first time in December 2018; however, the vote did not take place. The text of the new document repeats the last year's proposal and adds data on the legislative resolutions of Colorado and Wyoming.

It is still unknown when Congress will start the consideration; however, Warren Davidson is not the only one who struggles on this battlefield. Florida Congressman Darren Soto supports his initiative actively.

He has submitted the parallel bill due to which the Federal Trade Commission (FTC) would receive $25 million for fighting against unfair players of the digital currency market, The Block reports.

Earlier, there was information that the FTC, having achieved the additional authority, would be able to knock Commodity Futures Trading Commission (CFTC) out of the industry. However, Soto’s press-secretary quashed these allegations

We recall that the number of crypto-friendly members of Congress has grown increasingly. There were 12 in 2017; now the number is 33.