Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Reading: US Senators Recommend to Make Small Crypto Transactions Tax-Free
Share
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Reading: US Senators Recommend to Make Small Crypto Transactions Tax-Free
Share
  • bitcoinBitcoin(BTC)$27,707.00
  • ethereumEthereum(ETH)$1,902.64
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$312.28
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.52
  • cardanoCardano(ADA)$0.378228
  • staked-etherLido Staked Ether(STETH)$1,902.68
  • dogecoinDogecoin(DOGE)$0.072494
  • solanaSolana(SOL)$21.09
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Search
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > US Senators Recommend to Make Small Crypto Transactions Tax-Free
News

US Senators Recommend to Make Small Crypto Transactions Tax-Free

Okereke Inno
Last updated: 2023/03/23 at 12:50 PM
Okereke Inno Published July 27, 2022 March 23, 2023
Share
VOC,Voice of Crypto, BTC Payments

Key Insights:

  • US senators push bill to make crypto transactions tax-free
  • The bill is to make any transaction lower than $50 tax-free
  • There are moves to regulate stablecoins in the US. 

Prominent US senators are pushing a bill to make transactions tax-free that are $50 or below. The bill is to remove tracking fees on some crypto transactions in the country.

Sen. Patrick Toomey (R-Pa.) supports Kyrsten Sinema (D-Ariz.) and believes that the exemption of tracking taxes of small crypto transactions will support crypto as a payment method for several stores in the country. For instance, buying a cup of coffee and groceries. 

This would foster the use of crypto for retail payments, subscription services, and microtransactions, said Jerry Brito, the director-executive of Coin Center. 

He further explained that, more importantly, it would foster the development of decentralized blockchain infrastructure because networks depend on small transaction fees that today saddle users with compliance friction.

- Advertisement -

It must be mentioned that a similar Virtual Currency Tax Fairness Act occurred earlier in the year and was introduced by Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.)

Sen. Patrick Toomey (R-Pa.) says

While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way. The senator has been supporting the crypto space and wishes to do so before the end of his tenure at the end of the session.

However, there may be a delay in passing the bill in the House of Representatives because of the upcoming lengthy recess in August. Though there has been some movement on an effort to regulate stablecoins, most congressional insiders estimate that crypto is unlikely to see significant progress on legislation until 2023.

- Advertisement -

 

You Might Also Like

MetaZone Secures Funding to Expand the World’s First Tokenized App Platform for the Metaverse

5 Top Cryptocurrencies To Watch this Week: MATIC, ARB, CAKE, INJ, RNDR

10 Top Cryptocurrency Exchanges in the USA

Potential Losses for the U.S. in its Cryptocurrency Fight

BIG Catalyst Incoming for the Ethereum (ETH) Price

TAGGED: Blockchain
Share This Article
Facebook Twitter Email Copy Link Print
Previous Article VOC, Voice of Crypto, NFT Why did Biggie Smalls-inspired NFTs Surprise Everyone in the Space
Next Article VOC, Voice of Crypto, Cardano, ADA Cardano (ADA) Whales Enters BNB Top 10 Holdings Ahead of Vasil Hard Fork
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
techcircus
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
MetaZone Secures Funding to Expand the World’s First Tokenized App Platform for the Metaverse
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Legal

  • Global Events
  • Advertise With Us
  • Privacy Policy

Know Us

  • About Us
  • VOC Team
  • VOC Vigilantes
  • Brands Who Trust Us
  • Contact Us
Copyright © 2023 Voice of Crypto. All Rights Reserved
Welcome Back!

Sign in to your account

Lost your password?