Exempting Some Crypto Deals From IRS Makes Sense, Lawmakers Say

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The Street

By Rob Lenihan Backers say new bill ‘cuts the red tape and opens the door to further innovations, ultimately growing our digital economy.’ Citing “antiquated regulations around virtual currency,” U.S. lawmakers introduced the latest version of a bill that exempt cryptocurrency users from paying taxes on transactions under $200. Rep. Suzan DelBene, D-Wash., and David Schweikert R-Ariz., introduced the Virtual Currency Tax Fairness Act, which they said would “create a workable structure for taxing purchases made with virtual currency.” Reps. Tom Emmer, R-Minn., and Darren Soto, D-Fla., co-sponso…

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