US House Rep Proposed Tax Relief Bill For Small Crypto Trades

The crypto regulation has been a subject of major interest and things continue to heat. It’s been just revealed that the members of the U.S. House of Representatives are proposing a bipartisan bill that would create a taxing structure for crypto assets.

More than that, this bill would also provide relief for those who use cryptos in small transactions.

The online publication the Daily Hodl just noted that according to a government press release, Democratic Congresswoman Suzan DelBene of Washington and Republican Congressman David Schweikert of Arizona are introducing the Virtual Currency Tax Fairness Act of 2022.

This is a bill that would exempt personal transactions made with digital assets as long as the gains are $200 or less.

It’s extremely important to mention the fact that currently, all gains that are made from crypto assets must be reported as taxable income regardless of the transaction’s size or purpose.

Representative DelBene said the following:

“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 (exchange-traded fund). However, virtual currency has evolved rapidly in the past few years with more opportunities to use it in our everyday lives.”

DelBene continued and explained:

“The US must stay on top of these changes and ensure that our tax code evolves with our use of virtual currency. This commonsense bill cuts the red tape and opens the door to further innovations, ultimately growing our digital economy.”

This bill has been first proposed back in 2020, but it seems that it never gained traction.

The crypto market continues to recover after some important losses that have been suffered amidst various price corrections.

It’s been revealed that new predictions are claiming that Bitcoin can get extremely bullish after the king coin was able to hit $44k recently.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $44,089.