US Congress To Consider Exclusion Of Digital Assets From Law
The US Congress will consider amendments to the two laws regarding securities, which, if adopted, may exclude digital tokens from this category. The new version of the Token Taxonomy Act is presented on the official website of the US government.
The bill amending the Securities Act and the Securities Exchange Act was initiated by Ohio Congressman Warren Davidson. The document states that the taxation of digital assets on pension accounts should be similar to the mechanism of taxes on gold bars. The author also proposed not to levy the tax on cryptocurrency conversion operations, as well as on the withdrawal of digital assets to fiat for up to $600.
The bill was first promulgated in the winter of 2018 but did not get to the vote of the government members. The text of the document has not changed much since last year, the author only added information about the decisions of local authorities in the states of Wyoming and Colorado.
The exact date of consideration of the proposed bill is not known yet.
Other politicians are also involved in the formation of the crypto legislation. Florida Congressman Darren Soto drafted a bill proposing to allocate $25 million to the Federal Trade Commission (FTC) to fight digital asset scams.
Earlier, two documents regarding the regulation of cryptocurrency were published on the website of the US Congress. One of the draft laws describes mechanisms for fighting the price frauds of particularly vulnerable types of digital assets.