New US Crypto Tax Bill: Donald Trump’s Crypto Pledge and Senate Bill Spark Optimism in the Market

The post New US Crypto Tax Bill: Donald Trump’s Crypto Pledge and Senate Bill Spark Optimism in the Market appeared first on Coinpedia Fintech News

The coin market has been yearning for relief from the thwarts of the bears. Now, it sees a glimmer of hope as the space comes across bills and other events attempting to uplift the market. Which, in turn, has instilled faith and optimism amongst crypto folks and the industry in general. 

With former president Donald Trump promising to ease rules and preserve innovation if he wins in November, crypto has become a political issue.

A significant bill targeting crypto taxation regulations in the United States has been reintroduced to the Senate, signaling a focus on regulation in this election cycle. The Virtual Currency Tax Fairness Act would create a “sensible de minimis exemption” to exempt small transactions from capital gains and provide an exemption for low-value transactions, similar to the present exemption for foreign currency. 

Coin Center Advocacy and Senate Sponsorship

Successively, the sentiment-driven industry has come across another bill, which has been introduced to the U.S. Congress. Jerry Brito, Executive Director of Coin Center, noted the bill’s bipartisan backing, including sponsors like Sen. Ted Budd, Sen. Kyrsten Sinema, Sen. Cynthia Lummis, and Sen. Kirsten Gillibrand. This collective effort marks the first bipartisan and bicameral cryptocurrency legislative initiative focused on taxation. Coin Center has long advocated for such solutions, engaging senators to champion the bill.

Moreover, crypto folks have taken the bill sportingly, owing to its potential for an influx of investors and the possibility of the government becoming friendlier with the asset class.

Senators Pushing for Robust Crypto Regulations

Senators involved in this bill are pro-crypto advocates for clear crypto regulations. Sen. Cynthia Lummis has been a vocal supporter; she even criticized the Department of Justice for its stance on non-custodial software wallets and urged Congress to establish a clear regulatory framework following the SEC’s approval of spot Ethereum ETFs. 

Alongside Sen. Kirsten Gillibrand, Lummis has spearheaded several other crypto bills, including proposals to regulate stablecoins. Their efforts underscore the ongoing push for comprehensive regulations in the crypto space. 

With this new reformation, crypto investors are rooting for softer and more crypto-friendly rules in the future if Trump wins. Keep an eye on the new US tax law! Big changes are on the way in the virtual currency tax system!