Pat Toomey, the US senator of Pennsylvania, has collaborated with Senator Kyrsten Sinema, the senator from Arizona to push a crypto bill that gives tax exemptions to any crypto transaction under $50. The bill also attempts to exclude any crypto trade under $50.
Crypto Bill In The US Congress
The bipartisan bill introduced by Toomey and Sinema is not the first such attempt. A bipartisan crypto bill attempting to exclude realized gains under $200 taxation was introduced by representatives DelBene and Schweikert. Another comprehensive crypto bill was introduced in the Senate by Senators Gillibrand and Senator Cynthia Lummins.
Toomey believes that the current tax structure is standing the way of digital currencies becoming a part of the day-to-day lives of Americans. He has been long in support of the crypto ecosystem. In March of 2022, he highlighted the importance of crypto by stating the example of crypto’s usage in Ukraine’s war effort.
A Wall Street Journal reported that only two senators in congress hold cryptocurrencies: Pat Toomey and Cynthia Lummins. The reports that Toomey and Lummins hold cryptocurrencies drew a lot of criticism as they are the loudest crypto supporters in congress and have supported many favourable crypto bills.
Toomey also believes that the Security and Exchanges Commission has potentially dire consequences for well-meaning crypto investors. Senator Gillibrand and Lummins also favored the CFTC as a watchdog over the SEC.
Senator Sinema has also been a long proponent of cryptocurrencies. She joined a bipartisan group of senators to launch the US Senate Financial Innovation Caucus.
How The Congress Will Change The Crypto Outlook
Many experts believe that regulatory clarity could do wonders for the mainstream adoption of crypto. A recent report from Forbes has pointed out that the US Congress has introduced nearly 50 crypto bills that can impact crypto, blockchain, and the Web 3 ecosystem. The passing of this crypto bill could bring relief to small crypto investors.
There is also an undergoing effort in Congress to highlight whether crypto falls under commodities and securities. SEC chair Gary Gensler revealed that Bitcoin is the only cryptocurrency that he is comfortable calling a commodity.
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