Newly filed U.S. Congressional bill seeks minimal tax exemption for smaller crypto transactions

The Washington, DC-based crypto advocacy group Coin Center's 2020 Virtual Currency Tax Equity Act was proposed by Washington congresswoman Suzan Delbene and Arizona congressman David Schweikert. It solves a problem raised by the IRS in 2014 that Bitcoin and other cryptocurrencies constituted a form of property-that is, transactions large and small will trigger taxable events and leave taxpayers to bear capital Profits tax. The goal of the new bill is to exempt the cryptocurrency transaction if the calculated related gain is less than $ 200. If approved, the bill will cover transactions occurring after December 31, 2019.