US Congressman brings debate to House of Representatives regarding cryptocurrency tax
- There was debating from the US Congressman Ted Budd regarding cryptocurrency taxes.
- Congressman Budd believes that cryptocurrencies should have a de minimis tax exemption such as seen with foreign currencies.
United States Congressman (R-N.C.) Ted Budd was testifying to the House of Representatives Ways and Means Committee on purported issues regarding the current tax laws on cryptocurrencies, according to the official statement of the testimony released.
Congressman Budd debated that cryptocurrencies should have a de minimis tax exemption such as seen with foreign currencies.
Budd further detailed that he cosponsored bill H.R.3708, or the “Cryptocurrency Tax Fairness Act,” which would extend the Internal Revenue Code of 1986 to treat personal cryptocurrency purchases similar to that of personal transactions in foreign currency, which are not taxed.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
