Bipartisan Bill to Eliminate Taxes for Small Bitcoin Transactions Today

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A bipartisan bill introduced Thursday would exempt bitcoin transactions from tax obligations if the associated capital gains are $200 or less, seeking to incentivize the digital currency’s usage as a medium of exchange in the U.S. economy. Currently, any gain obtained from the sale of cryptocurrency must be reported as a taxable income regardless of the size or purpose of the transaction.

“Antiquated regulations around virtual currency do not take into account its potential for use in our daily lives, instead treating it more like a stock or ETF,” said Rep. Suzan DelBene, co-author of the bill, in a statement sent to Bitcoin Magazine. “However, virtual currency has evolved rapidly in the past few years with more opportunities to use it in our everyday lives. This commonsense bill cuts the red tape and opens the door to further innovations, ultimately growing our digital economy.”

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