US Senators Push Bill to Make Small Crypto Transactions Tax-Free

Sen. Patrick Toomey joined with Kyrsten Sinema to push the exemption from tax requirements for crypto users making small investments or purchases. Their Virtual Currency Tax Fairness Act matches a similar effort previously introduced in the House of Representatives. The idea of clearing low-level transactions from tax worries has also appeared elsewhere, including in a more comprehensive bill introduced this year by senators Cynthia Lummis and Kirsten Gillibrand "While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way." said Toomey. He has sought to help the crypto industry on multiple tracks before he retires from the Senate at the end of this session. The latest bill will let people use cryptocurrencies more easily as an everyday method of payment by exempting from taxes small personal transactions like buying a cup of coffee.