Rep. Ted Budd, a Republican from North Carolina, re-proposed the Virtual Value Tax Fix Act. In Budd's national security issue, the bill will end the double taxation of cryptocurrency transactions by amending the 1986 Domestic Tax Code. Budd said in the previous June that the bill would impose a 40% tax on cryptocurrency transactions. The current tax issues and the preservation of transaction records have hampered the use of cryptocurrencies. If the bill is passed, cryptocurrency transactions will be immediately exempt from double taxation and record keeping.