Ted Budd, a Republican Congressman from North Carolina, has recently decided to reintroduce a crypto tax bill this week. The law will be a move to the Ways & Means Committee of the House of Representatives soon. There, it needs to be voted on and approved before it can move forward.
The new bill, which is being called “Virtual Value Tax Fix Act”, is set to amend a law passed in 1986 in order to end some of the issues of crypto taxation in the U. S. and streamline some aspects of it.
What Would Happen If The Law Is Passed?
Budd has affirmed that people still treat the sale of tokens as the sale of assets when the truth is that this is very common, sometimes people use cryptos to buy goods, which is basically using them as money. The law could simplify the treatment of crypto in the U. S.
If passed, the bill will be added to other crypto legislation which is in Congress right now. One of them is a bill from Republican Tom Emmer that aims to bring more clarity on how forked crypto-assets can be taxed by the government.
Patrick Henry, another Republican from North Carolina, has also talked about Bitcoin recently. He affirmed during the Facebook’s Libra Senate hearings that “you can’t kill Bitcoin” and that the government will have to come into terms with the new reality of cryptocurrencies.
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