Another major crypto tax bill was introduced in the United States Senate as regulation in the industry is taking center stage this election cycle

Jerry Brito, the Executive Director of Coin Center noted that the Virtual Currency Tax Fairness Act was introduced with bipartisan sponsors

Another major crypto tax bill was introduced in the United States Senate on Friday as regulation in the digital currency industry is taking center stage this election cycle.

Coin Center And US Senators on Crypto Tax Bill

The Virtual Currency Tax Fairness Act was introduced with bipartisan sponsors for the second time in the Senate today, Coin Center’s Executive Director Jerry Brito noted.

This bill aims to create a “sensible de minimis exemption” from capital gains tax for low-value cryptocurrency transactions in day-to-day use, similar to the exemption that exists for foreign currency.

The Virtual Currency Tax Fairness Act was introduced with bipartisan sponsors for the second time in the Senate today. The bill would create a sensible de minimis exemption from capital gains tax for low value cryptocurrency transactions in day-to-day use — very similar to the…

— Jerry Brito (@jerrybrito) July 25, 2024

Coin Center has been advocating for such a solution for several years, and engaged a few Senators to have the bill introduced in the Senate, Brito said.

The sponsors include Sen. Ted Budd (R-NC), Sen. Kyrsten Sinema (I-AZ), Sen. Cynthia Lummis (R-WY), and Sen. Kirsten Gillibrand (D-NY).

The effort marks the first bi-partisan and bi-cameral cryptocurrency legislative effort on the topic of taxation.

US Senators Fight For Robust Crypto Regulations

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