Small cryptocurrency transfers will not be taxed in the US

Senators Pat Toomey and Kirsten Sinema of the upper house of the US Congress have introduced a bill aimed at optimizing cryptocurrency transactions. The main idea of the Virtual Currency Tax Fairness Act is to abolish the taxation of small cryptocurrency transfers.

As the authors of the law, Pat Toomey and Kirsten Sinema, explained, cryptocurrency owners in the United States are currently required to report income from the value of the digital assets they own, which means that cryptocurrency is considered an investment rather than a means of payment. The new law is proposed to be applied to crypto transactions worth less than $ 50. Taxation is planned to be eliminated for them.

As a reminder, in addition to reducing taxes on cryptocurrency transactions, the United States is seeking to legally recognize digital assets as an inalienable human right. Thus, representatives of the Republican Party in Texas proposed to amend the Bill of Rights. According to the Republican Party, the text of the Texas Constitution should be supplemented with several provisions on digital assets. In this way, Texas wants to protect the region, which is one of the leaders in cryptocurrency mining, from a possible ban on digital assets by the federal government.