RATE Group | New Bill In Congress Could Have Massive Impact On Bitcoin, Ethereum, And Other Cryptocur…
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New Bill In Congress Could Have Massive Impact On Bitcoin, Ethereum, And Other Cryptocur…

20 Jan New Bill In Congress Could Have Massive Impact On Bitcoin, Ethereum, And Other Cryptocur…

Posted at 22:56h in Ethereum News by

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Last Thursday, the Virtual Currency Tax Fairness Act of 2020 was introduced in Congress. The bill has the potential to solve a major issue with payments made via Bitcoin, Ethereum, and other major cryptocurrency networks in that an exception would be created for the potential capital gains taxes that often occur when these digital assets are used in everyday commerce.

The bill was introduced with bipartisan support from U.S. House Representatives DelBene, Schweikert, Soto, and Emmer. Coin Center, which is a group that advocates for regulatory policy on behalf of the cryptocurrency industry, has been working on this tax-related issue with Bitcoin payments since at least 2017.

Notably, 2019 saw a number of different members of Congress comment on Bitcoin. With Congressman Brad Sherman (D-CA) claiming the crypto asset is a threat to the U.S. dollar and Congressman Patrick McHenry (R-NC)…

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