Blockchain 

Token Taxonomy Act Includes De Minimis Tax Exemption for Crypto

The recently reintroduced Token Taxonomy Act (TTA) will create a de minimis tax exemption for crypto transactions under $600, according to the executive director of Coin Center, Jerry Brito, at Consensus 2019 on May 13. The de minimis tax exemption stipulates that if a crypto owner experiences a capital gain up to $600 of crypto, then that owner is not required to report the gain to the Internal Revenue Service (IRS), the United States’ tax authority. Brito notes that this situation parallels how small gains on foreign currencies were treated…

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Blockchain 

New US ‘Digital Taxonomy’ Bill to Allocate $25 Million Annually to Prevent Crypto Crime

The so-called Digital Taxonomy Act of 2019, which United States legislators introduced yesterday, April 9, offers to allocate the Federal Trade Commission (FTC) $25 million annually to prevent crypto-related crime. The document was introduced to the U.S. House of Representatives by Rep. Darren Soto (D), who is known for his pro-crypto stance. The act is dedicated to the FTC’s role in preventing “unfair or deceptive acts or practices in transactions relating to digital tokens.” It also requires a report to congress on the FTC’s actions related to digital tokens. According…

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Blockchain 

US Legislators Reintroduce Token Taxonomy Act to Exclude Crypto From Securities Laws

Representatives in the United States House of Representatives have reintroduced the Token Taxonomy Act, according to a press release shared with Cointelegraph on April 9. The bill would exclude cryptocurrency from being classified as a security. The bill was initially proposed last December by Reps. Warren Davidson (R) and Darren Soto (D), and seeks to exclude digital currencies from being defined as securities by amending the Securities Act of 1933 and the Securities Act of 1934. The press release notes that the recent iteration of the bill will differ from…

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