By Andre Beganski
A bill was introduced(click here) in the Senate today that would prevent Americans from needing to disclose capital gains or losses on most smaller-scale crypto transactions.
Introduced by senators Patrick Toomey (R-PA) and Kyrsten Sinema (D-AZ), the Cryptocurrency Tax Fairness Act would exempt reporting crypto transactions of less than $50, or trades in which a person earns less than $50....
It is basically an experiment. Crypto is not really having a good reputation. This bill would allow people that purchase crypto with returns of $50.00 without taxes.
It is harmless. If Senators Sinema and Toomey believe there is some interest in crypto as investments that is fine. They should be allowed to try.
