Senators Toomey and Sinema introduced the Virtual Currency Tax Fairness Act on 26 July. It aims to simplify the use of digital assets for everyday purchases, exempting taxation for small personal transactions that use virtual currencies for services and good. Resources: Bill text; Press release.
Last year’s Infrastructure Investment and Jobs Act created the need for clarification in reporting requirements for digital assets. Senators Toomey, Sinema, Portman, Lummis, and Warner took an important step to clarify the definition of “broker” with respect to digital assets. Resources: Bill text, Press release.
Also on August 3rd, Senators Stabenow and Boozman along with Booker and Thune, released the Digital Commodities Consumer Protection Act. In addition to focusing on commodities, it commissions a report on historically underserved customers to examine the racial, ethnic, and gender demographics of those using digital assets. Resources: Press release, Overview, Section-by-section overview.
Meanwhile, negotiations on stablecoin legislation are ongoing in the House Financial Services Committee with Chairwoman Waters and Senator McHenry still hoping to mark up a bill before the midterm elections.