New U.S. Bill Proposing to Eliminate Taxes for Under-$30 Crypto Transactions

If a new bill that was introduced to the U.S. senate is ratified, crypto users in the U.S. will no longer be obligated to report taxes for any transactions worth less than $50. The same goes for any under-$50 crypto earnings.

The bill, named the Cryptocurrency Tax Fairness Act, was proposed by senators Patrick Toomey and Kyrsten Sinema. According to Toomey, if put in place, the bill will make it easier for U.S. citizens to use crypto in their everyday life. It will be more convenient for them to make purchases with crypto, such as “buying a cup of coffee”.

Patrick Toomey

A similar bill, the Virtual Currency Tax Fairness Act, was also proposed earlier this year. This bill specifies that U.S. citizens are to be exempted from capital gains tax if their earnings sit below $200.