The bill “On Fair Taxation of Cryptocurrencies” was resubmitted to the House of Representatives of the US Congress. The initiative provides for exemption from capital gains tax when the profit from the use of digital assets does not exceed $200.
The bill was sponsored by Arizona Republican David Schweikert and Washington Democrat Susan DelBene. The co-chairs of the Blockchain Panel Darren Soto and Tom Emmer also participated in the work.
“Approval of the document will allow Americans to use their digital wallet as easily as cash,” said Emmer.
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Cryptocurrency users in the US can now report capital gains based on the value of cryptocurrencies to the IRS not only for investment purposes but also for payments. The IRS often does not prosecute those who do not file the appropriate reports, but the lack of regulatory certainty in this matter remains an unresolved problem.