Some American politicians want you to pay no taxes....at all....on small crypto payments. Does this mean we can finally buy coffee with Bitcoin, guilt-free? ☕
Buying that mythical cup of coffee using crypto might be about to get a little bit easier.And, if a transaction generates a gain of under $50, there would be no need to inform the Internal Revenue Service.
It's hoped these measures would make cryptocurrencies more practical as an everyday method of payment — that being said, no law could tackle the levels of volatility seen in major digital assets.Senators Cynthia Lummis and Kirsten Gillibrand unveiled the Responsible Financial Innovation Act. Both politicians argue "most digital assets are much more similar to commodities than securities" — a stark contrast to the stance taken by SEC chair Gary Gensler.
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