Following regulations in the cryptocurrency market being the focus of this election, the Executive Director of Coin Center said another major digital asset tax bill, the Virtual Currency Tax Equality Act, has been introduced in the United States (US) Senate.
The bill seeks to create a de minimis exemption that is justified from capital gains tax for low-value crypto transactions in everyday use and this is quite similar to the exemption that exists for foreign currencies.
So here it can be seen that they appointed several Senators to send the bill in the Senate and sponsors including Sen. Ted Budd, Sen. Kyrsten Sinema, Sen. Cynthia Lummis and Kirsten Gillibrand.
It is worth noting that the senator is part of the core proponent of crypto regulation plus Senator Lummis has pushed the US to use digital assets wholeheartedly.
He once criticized the Department of Justice (DOJ) following its interpretation of the rules surrounding , where the DOJ filed criminal charges against developers tied to the BTC Samourai Wallet.
Shortly after the Securities and Exchange Commission (SEC) approved the Ethereum (ETH) ETF, Senator Lummis urged Congress to create a clear crypto regulatory framework for the digital asset industry.
The duo of Lummis and Gillibrand have spearheaded several other crypto bills in the past with both lawmakers introducing important legislative proposals aimed at regulating .