A law has been submitted by four members of Congress, two Democrats and two Republicans, to make the everyday use of digital assets more realistic. Consumers are already required to report any changes in the value of a digital currency relative to the US dollar from the time they buy it until it is utilized in a transaction. This income is subject to taxation. The Virtual Currency Tax Fairness Act would exempt personal digital currency transactions with gains of $200 or less from taxation. The bill was presented on Thursday by Rep. Suzan DelBene (D-Washington) and David Schweikert (R-Arizona). According to DelBene, the US tax law must be developed to facilitate growth in the digital economy. “Antiquated regulations around virtual currency do not take into account its potential for use in our daily lives, instead of treating it more like a stock or ETF,” she said. “However, virtual currency has evolved rapidly in the past few years with more opportunities to use it in our everyday lives.” DelBene told Blockworks that the congresswoman would keep pushing for such elements to be included in the legislation as a method to expand the use of digital money in everyday life. “As the use of virtual currencies for retail payments increases, it’s important that Americans are able to easily understand their tax obligations,” Blockchain Association Executive Director Kristin Smith said in a statement. “By providing an exemption for small e...
