Major tax reform bill introduced in US Senate

Another major cryptocurrency tax bill has been introduced in the US Senate as regulation of the industry takes center stage this election cycle.

Coin Center and US Senators Discuss Cryptocurrency Tax Bill

Jerry Brito, executive director of Coin Center, noted that the Virtual Currency Tax Fairness Act was introduced with bipartisan sponsors, and this is the second time it has been introduced in the Senate today.

This bill seeks to create a “reasonable de minimis exemption” from capital gains tax for low-value cryptocurrency transactions used in everyday life. This exemption is quite similar to the one that exists for foreign currencies.

The Coin Center director noted his company’s advocacy for such solutions over the years. As a result, they’ve enlisted a few senators to get the bill introduced in the Senate. Sponsors include Sen. Ted Budd, Sen. Kyrsten Sinema, Sen. Cynthia Lummis, and Kirsten Gillibrand.

The collective effort made this bill the first bipartisan, bicameral legislative effort on cryptocurrencies, bordering on taxation.

US Senators Fight for Strict Cryptocurrency Regulation

It is worth noting that these senators are among the leading proponents of clear regulation of cryptocurrencies. To a large extent, Senator Lummis has pushed the United States to embrace cryptocurrencies wholeheartedly.

She has already criticized the Department of Justice (DOJ) for its interpretation of regulations surrounding noncustodial software wallets. This follows the DOJ filing criminal charges against developers linked to the Bitcoin mixer Samurai Wallet and the Tornado Cash.

Immediately following approval by the Securities and Exchange Commission (SEC) Ethereum Spot ETFSenator Lummis lobbied Congress to establish a Cryptography Regulatory Framework for the industry. His call for congressional action comes out of concerns about market volatility and consumer protection.

THE Lummis and Gillibrand The duo has already been behind several other cryptocurrency bills. The two lawmakers introduced a major legislative proposal aimed at regulating stablecoins.

Overall, their efforts reflect the progress made in terms of clear regulation in the crypto ecosystem.

Learn more: Paul Clement, Chevron Trial Winner, Joins Coinbase Board

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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations aimed at fostering the general acceptance and global integration of this emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media outlets and sites. Benjamin Godfrey is passionate about sports and agriculture. Follow him on Twitter, Linkedin

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