The bill would provide tax exemption on bitcoin transactions for less than $50 or trades netting a gain of less than $50.
“While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way,” Toomey said, regarding the bipartisan effort.
Senator Toomey isn’t alone in his opinion, as multiple introductions of legislation have been presented in an effort to ease tax requirements for those looking to transact in or invest small amounts of money into bitcoin and other cryptocurrencies.
