Today, Senators Gillibrand and Lummis released the full version of their crypto bill.
Highlights of the Bill:
-Capital gains under $200 are non-taxable IF the transactions are purchase of goods and services.
-Mining & staking rewards wouldn’t be taxed until they’re sold/disposed of.
-Most crypto regulation would fall under the CFTC.
This is HUGE for crypto regulation in the United States. Right now, crypto is regulated by the Securities and Exchange Commission. They have been coming after crypto and exchanges for violating their regulations. Blockfi, Kik, and Ripple are a few cases. Many end up paying huge penalty charges. Shifting to the Commodity Futures Trading Commission would be a big change!
What are your thoughts and do you think it will pass? Is this the right step for crypto?