• September 28, 2023


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US Senate Wants to Exclude Small Crypto Transactions From Taxation

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The US Senate has introduced a bill proposed by Pat Toomey and Kyrsten Sinema aimed at exempting transactions with digital assets up to $50 equivalent from capital gains tax.

If the document is adopted, it will exempt small purchases for cryptocurrency from taxes, being $50 the limit.

It should be noted that the bill does not apply to transactions between digital assets and fiat. According to the document, “all sales or exchanges that are part of the same transaction (or a series of related transactions) should be considered as one sale or exchange.”

At the moment, US crypto users must report income generated from transactions with digital assets. In other words, regulators consider cryptocurrency primarily as an investment tool, and not as a means of payment.