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Sinema, Toomey Map Path to Ease Small Transactions With Crypto

July 26, 2022, 9:00 AM

Crypto owners wouldn’t have to report small transactions under a bipartisan bill sponsored by Republican Senator Pat Toomey and Democrat Kyrsten Sinema that’s aimed at simplifying the use of virtual currencies.

The legislation would exempt crypto owners from reporting personal transactions under $50 or when there is less than $50 in gain. Under current law crypto is treated as an asset, rather than as cash. That means investors have to report every transaction and owe capital gains taxes if the digital asset has gained value.

“The Virtual Currency Tax Fairness Act will allow Americans to use cryptocurrencies more easily as ...