- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.